Fibonacci retracements are common support levels/targets that market technicians watch. There are lot of reasons why, I won't go into depth here. In any case, buyers are showing up at the 61.8% Fib retracement of the big move from December to February.
Maybe this support will hold, maybe it won't.
Investors should watch gold itself -- it closed today at $1,225.50. Now, $1,220 is support. If that breaks, and I think that could happen for seasonal and psychological reasons, then we'll see a test of support at $1,200.
If such a test lined up with normal March madness selling of gold, that might be a buying opportunity. and where will gold miners trade then?
Longer term, things look great. This short term weakness is providing opportunity in some excellent miners, streamers, developers and explorers I am talking to at PDAC.
Good luck and good trades.