FX.co ★ Technical analysis on Gold for July 13th, 2023.

Blue lines- Fibonacci retracement levels

Gold price is trading around $1,955. Gold today reached a high of $1,963 reaching our first short-term target of $1,960, where we also find the 38% Fibonacci retracement. The 38% Fibonacci retracement is the first important Fibonacci retracement level and important short-term resistance. First try to break above it has failed as price is getting rejected at this resistance level. A break above $1,960-65 would be a sign of strength and would lead price towards $1,980-85.