Analysis on price reversal on GOLD
I was looking at the price reversal that happened on the 26...
The fact that no clear resistance could be found got me thinking.
What happened over there? The 2011 resistance was strong enough, breaking it with such volume should be a sign of a meltdown.
I was wrong though.
Funny enough, I think I discovered the reason.
Fibonacci Retracement. To the pivot point of 1913.68.
Unbelievable how precise it is.
If that is not enough for you to be convinced that fibonacci works, then you must be crazy.
The fact that no clear resistance could be found got me thinking.
What happened over there? The 2011 resistance was strong enough, breaking it with such volume should be a sign of a meltdown.
I was wrong though.
Funny enough, I think I discovered the reason.
Fibonacci Retracement. To the pivot point of 1913.68.
Unbelievable how precise it is.
If that is not enough for you to be convinced that fibonacci works, then you must be crazy.
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