Gold opens the week with a clearly marked area of support sitting just below current price action which helped to hold the lows on Friday while Silver prices have re-tested a Fibonacci resistance level at 23.64 and re-approaches an area of support that was in-play last week, plotted around the $23 psychological level.
Gold prices finished last week’s weekly bar as a doji, and that makes two consecutive weeks in which that’s happened. A doji in and of itself is indecision and two consecutive dojis is, you guessed it, more indecision. It does take on a bit more interest when looking at the prevailing trend, however, as a strong breakout in November has started to hit turbulence around a prior spot of resistance.
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