In 2013, Gold broke below its 23 percent Fibonacci retracement level and a bearish trend change took place at (1).
This was the beginning of a bigger decline that saw gold fall another 450 dollars.
Nearly six years later, Gold returns to this “breakdown” level in hopes of making it a new “breakout” level at (2).
If Gold can breakout at (2) it will send a very bullish message to the market.
Stay tuned – gold bulls are knocking on heaven’s door!
If pattern opportunities in Gold, Silver, Copper and Miners is important to you, our weekly Metals Report will help you find those opportunities.
This article was first written for See It Markets.com. To see the original post CLICK HERE