Gold Daily – DT Tag and Fib Levels
I found this fib fit interesting, especially as prices hit the DT resistance. Last month I suggested $1,371 and it’s getting tagged.
I found this fib fit interesting, especially as prices hit the DT resistance. Last month I suggested $1,371 and it’s getting tagged.
$1368.70 / $1369.70 Bid/Ask on Kitco, right where you lines meet (1369.90).
High so far today was $1371.90, low $1364.00.
I guess you are looking at the 38.2% retracement of the entire downmove from $1920 to $1045 approx coming in around $1369, approx.
I am looking at gold in GBP and I can tell you that the retracement of the downmove is now more than 61.8% in sterling. Not that it is the most important price but it is interesting to note.
Actually I have taken a closer look and it is very close to 61.8% in sterling. Close enough still to be resistance. Also, today’s sterling price (£1057) has just broken above the upper end of the support zone during the market topping process (2011-2013) which was from about 960 to 1015 BP. Last week’s close price was about 1013 but today’s is 1057 GBP. I don’t know why the $GOLD:$GBPUSD chart is not giving me any of this week’s prices but there you go! I have posted it on a separate post and also here:
http://1000gold.blogspot.co.uk/2016/07/gold-price-in-gbp-sterling-has-retraced.html
Mark-I’m wondering whether a very good jobs number on Friday might be the catalyst for a strong move down?