Will price keep surging through the channel, or will the triangle send price back down sub 1300 one more time.
Simple fib targets. Fib fan next 1484. Simple TA.
Looking to see how Gold reacts to testing 1342, an important fib line for bulls to break.
I was dead wrong about Gold breaking down, but fortunately knew to close my short before the initial rally. I believe we are filling out the fan which is simply chasing the rest of the fib retracements. Currently, we are going towards the 382 again which sits at 1380. It is possible but not yet knowable to say it could fill the entire fan and chase the 5 line at...
IMPORTANT TO BE UNBIASED AND OPEN MINDED. ALSO, IMPORTANT TO CONSIDER FIB ACTION. HAS GOLD DISRUPTED THE BEARISH FIB TREND YET?
I'll admit, this isn't the most conventional way to place a fib fan but look! look! We're retesting possibly. It would explain the bearish oscillators and price action. Not saying this will happen but follow this chart. Not an indication to buy/sell. Lower fib levels would be the support.
I imagine you feel a bit like Alice, tumbling down the rabbit hole. I can see it in your eyes. You have the look of a man who accepts what he sees because he is expecting wake up. Ironically, this is not far from the truth.