By Carolyn BorodenGold has a rather important decision zone in the 1580.30-1581.70 area. This zone is the high that gold futures (GC) reached on February 3 in a .618 Fibonacci retracement off its low, and it also constitutes a 100% projection of the prior rally swing. Note that on the first test of this key resistance gold has failed to clear the hurdle and has pulled back just over $16.00 so far. Gold remains vulnerable to the downside unless we can come back through this key zone! If gold does take out this key zone, THEN we can look for a resumption of the rally, with the 1611.40 area as our initial upside target. Until then, gold is vulnerable to testing lower supports. See more of our analysis on gold/GC as well as on SPX, ES, Nasdaq/NQ, TLT and oil/CL in our video here: https://www.elliottwavetrader.net/images/videos/326/EWT-5e432e7322816.mp4Carolyn Boroden, also known as the "Fibonacci Queen," is an analyst at ElliottWaveTrader.net, where she covers U.S. equity indices, precious metals, and individual stocks based on her unique Fibonacci analysis.