Loading ...Gold: Fibbonacci Retracement
Need some help here.
If I take Mar 31 as the low at 1677 and the high on June 1 at 1919, a 50% retracement would be 1798.
If so, we are close to that level. Could drop lower.
I am of the belief that this cycle will produce an oversold condition leading to the Basel III in July.
The bullion banks may be covering their shorts and go long. Engineered??
Any thoughts would be appreciated.
Check out Gary Savage on Youtube. He’s been saying something similar.
I haven’t weighed in on gold/PMs in a while.
When this bounce began several months ago, I was skeptical. I remain so.
I called it a BMR. So did Plunger.
That said, my tools are not ready quite yet to call it over.
But IMO, that is coming, before we get into autumn, if not sooner.
Corrective moves in EW are next to impossible to anticipate with confidence. Too many possibilities (see my remarks on BTC).
Privately, I believed we might bottom last week or this. But I’ve had no confirmations and now we’re getting onto thin ice with that call entirely here.
I’ll be watching GDX around the 200d for clues.
Thanks to both of you.