New gold chart with fib levels

captaincol

Junior member
37 1
I have noticed that gold has been in an upward trend since last October. Placing a Fib over the top of this ralley shows that we are heading for the 23.6% line which is also where the triangle apex is. I think this would be a crucial breaking point, which ever way gold moves, into what price action we can expect from gold. The triangle patterns is a continuation pattern and with everyone expecting a higher move in gold (medium term) this could well be on the cards.
 

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  • goldfib 27-03-09.jpg
    goldfib 27-03-09.jpg
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thank you for the chart.

so far this week we are still within the triangle. G-20 could give it the push for a break out to the upside, perhaps to new highs sometime next week.
 
 
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