877-721-7217 [email protected]

Fibonacci blocking Gold and Silver from moving higher!

by | Oct 18, 2011 | Kimble Charting

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.

CLICK ON CHART TO ENLARGE

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.

5 Comments

  1. Chris Kimble
    Chris Kimble on 10/18/2011 at 11:22 AM

    Tara…that becomes a personal risk tolerance question on how high above you set a stop. General rule on such a fast product like Silver…4% to 6%.

    Big bullish wick on SLV today, after it was down almost 3%…pretty impressive on a short term basis!

    Chris

  2. doubtnot78
    doubtnot78 on 10/18/2011 at 10:49 AM

    Hi Chris

    Thanks for the chart! Just wondering how high above the 23% resistance would you recommend putting a stop?

    Thanks!

    Tara

  3. Chris Kimble
    Chris Kimble on 10/18/2011 at 8:41 AM

    Jon…Thanks for your viewership and kind words.

    Per the software I use…it is Metastock, created by Equis. I have used in for almost 15 years. Love the software for the way I do things.

    If you would like further details on the product give the contact person below a call. He has been very helpful to me for almost 10 years. If you mention my name to David, he will give you a discount over the price they quote on the web.

    David Derricott, Sales Representative, ThomsonReuters, Direct1-800-587-8012, International 001-801-270-3112 His email is [email protected]

    Chris

  4. Tom
    Tom on 10/18/2011 at 8:27 AM

    Chris:

    Nice job… You process lately has been very good, and I appreciate the clean communication.

  5. Jon Torrens
    Jon Torrens on 10/18/2011 at 7:52 AM

    Hello Chris,

    I very much enjoy your blog. I find your charts to be very helpful in navigating the markets like precious metals–gold and silver.

    My question is what charting software do you use?

    Thanks for your excellent on-going technical expertise.

    Jon Torrens

How The Recent Decline In Stocks Looks "Eerily" Like Major Bear Markets Of The Past

LEARN MORE