Fibonacci Seems to Be Right Once Again – At Least About Gold

From goldpriceforecast.com

After moving higher on Friday, the gold price disappoints today. What’s going on? Which move is real? There was no major news on either day (Friday or today), so the odds are that the price moves were of a technical nature. I wrote about that in my Friday’s extra Alert – I emphasized that since gold stayed below the 61.8% Fibonacci retracement, nothing really changed from the technical point of view, and I emphasized that mining stocks remained in a medium-term downtrend. If you read that analysis, you were prepared for what’s happening today – and you’re prepared for what’s about to happen next. ... (full story)