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GCZ20 Update

Gold held the critical area of 1850.00 to 1836.00.  This area is 23.6% back to the 2015 low (1845.00), 38.2% back to the 3/16/20 low (1850.00), 61.8% back to the 6/5/20 low (1845.00) and a major Gann square at 1836.00. A rally from this area should at least go back to retest the all-time high and even new highs. The first area to see just how strong, or weak the market is, is 38.2% of the current break, this level is 1942.00. provided they can get a couple close's above here, the break should be over. Failing to get above 1942.00 after hitting such a key area below would be a very negative sign and they should go back to test the recent lows. With a couple close's below the 1836.00 major Gann square you should look for the long term swing point at 1691.00, this is 38.2% back to the 2015 low.