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Gold has hit a major target/retracement

Gold has now hit the major retracement of 78.6% back to the all-time high and a major Gann square.. A very,very long term target on a break from here based on the 78.6% rule should send it back 78.6% the other way and this is 1192.00. To start look for the area of the major Gann square at 1645.00, 38.2% back to the 1452.00 low, this is 1637.00 and 61.8% back to the 3/31/20 low, this is 1642.00, if this is all they can break from 1751.00 (June) then the market remains very positive. You can now use 1751.00 as the long term swing point and with a solid close above it look for the next major Gann square at 1837.00.

GOLD Weekly