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Gold At Double Fibonacci 50% Retrace

Summary

Gold drops to $1209

This is a double Fibonacci 50% retrace

If gold closes below this level, $1200 comes into play.

$1209 is the 50% Fibonacci retrace of both the January to June 2016, and the December 2016 to April 2017 rallies.  If/when gold closes below this important level, the psychological $1200 level comes into play.  If this support level breaks, there is basically no support until $1130.

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Disclosure: I am/we are long JDST, GLL.