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Gold Just Keeps Disappointing
What can be satisfying here is that Gold is respecting technical analysis principles in general, and the Fibonacci levels in particular. After we set the local top in March, the price has been in correction mode, a correction which is moving swiftly between Fibo levels. First, 23,6% acted as a resistance in April and most recently, 50% as a support and 38,2% as a resistance. May also brought us a breakout of the 50%, which in my opinion, is a legitimate signal to sell. The first target is on the long-term up trendline (red) connecting higher lows since August 2021. It seems almost certain that we’ll get there as ... (full story)