Last week I shared Gold was creating a bearish rising wedge up against a key Fibonacci resistance level. (See post here)  Now it appears that Gold has broken below the wedge and is “kissing the underside of Fibonacci resistance” in the chart below.


Gold broke below the wedge and is now testing three resistance levels at (1)!  If Fibonacci is going to throw a roadblock to higher prices for Gold, this would be a great place for it to happen. 

Silver remains weaker than Gold, as it has only been able to reach its 23% retracement level.  For those looking to score on defense in the metals arena, I shared last week that ZSL was a good tool to use up against Fibonacci resistance and it still looks like it is, with a stop above Fib resistance.

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