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Subscribe to this list via RSS Blog posts tagged in Long term
If anyone ever has a doubt about the validity of Fib Extension's - I urge you to take a look at both the Gold Weekly and Daily chart for a start.I decided to take a look at Gold over the last 8 year or so. I took away all the support and resistance level's I had previously and decided to chart Fib extensions running from the low-high from mid 2005 until more recently in Sep 2011 - this is what I saw->   As you can see, there have been two key support area's so far from recent high's. It is absolutely no coincedance that these two levels are consistent with the first 2 Fib retracements. The recent break of the 1300 area would indicate that more low's are to come, with the next area (imo) being the 50% (and the 50% area is commonly referred to as one of the...
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Tagged in: Fibonacci Gold Long term