Last week I shared that “Fibonacci Extension/Expansion resistance” levels for Gold come into play around the $1,900 level (see post here)
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This target was created by using Fibonacci Price extensions for the 1980 high and 2001 low. We are along the metal and as I shared last week and will look into harvesting some postions if Gold hits rising channel line (3) at the key Fibonacci level.
If gold does spike up there, it might pay to see where the S&P 500 is at that time…as it could be a time to pick up some cheap stocks at Gold resistance!
If you use the 850 high it’s already tagged it.
Now seeing gold up another $50 in overnight asian markets. Any idea what the next fibonacci level is above the 1900 point? Not use to seeing fibonacci levels any higher than that 261.8% point but it would be worth watching in case 1900 is taken out too. Thanks Chris!