Gold Again: The Fibs don't Fib
Updated
Here is another look at Gold on the all-time chart. Indicators are directional movement index, correlation coefficient with BITCOIN, and a set of Bollinger bands. I like my bands to be drastic and i use OHLC average method, the reason being that I want to see all those fluctuations, I want the constrictions to be painfully obvious because constrictions signal a potential move. I'm also anticipating a strong support and bounce off the 38.2 Fibonacci line. Price could come down as much as $200 (though this is not guaranteed) in following an Elliott corrective wave (4) before continuing upward in a culminative, motive wave (5). Happy Hunting Everyone
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What's up Hunters and Huntresses, quick update on this, if you took this trade you're making a bunch of money and we're still in the top of the first inning. If you believe in gold and historical study then you're long to this for the next 3-5 years at least, a real bitcoin crash could provide increased liquidity for gold, you only have so long to load up on the rocket ship before it lifts off and you get burned waiting outside. President Johnson in 1968 removed the reserve requirement of gold-backing to US dollars to 0%, and in 1971 Richard Nixon "temporarily" suspended the convertibility of dollars to gold (still in effect today) under the 1944 Bretton Woods agreement. 1971 was the first time the US dollar became a truly fiat currency, and no fiat currency has lasted more than 40 years. The US dollar is in it's 46th year. The clock is ticking. Be ready, know your history, and Keep Hunting.
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