With the gold price retracing to the 1118, which i was expecting it to do last week, i expect a price ranging at this level as it is a key fibo level of 50.0 of last month. I expect the price to touch 1101, another key gold price fibo level, but probably next month. If this is indeed a retracement and the gold price closes at this week's high of around 1168, there is good chance that the gold price will reach 1101 next month and reverse back upwards. On the other hand the price can continue to go downwards without any upward movement, which would trigger my stop loss at yesterday's low.
