• Around 5010 area

• Long at around 5010 area

• Take Profit at 5140 area

• Stop Loss at 4950 area

• Short below 4985

• Take profit at 4870 area

• Stop loss at 5060 area

• Looking at the 4Hour chart of Gold USD100 CFD using Fibonacci Retracement, we see that the 50% Fibonacci Retracement level at around 5000 has shown as a support level for Gold USD100 CFD as it has rebounded a few times when touched at that level. However, Gold USD100 CFD breaks below the 50% Fibonacci Retracement level, and it became a resistant level now.

• Traders can potentially seek to take a long trade when the price breaks and close above the 50% Fibonacci Retracement level. Otherwise, traders could take a short position if price fails to break 50% Fibonacci Retracement level with a bearish candle forming.

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