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A Longer-Term Examination of Gold from a Fibonacci Perspective

(Kitco News) - See on the monthly continuation bar chart for nearby Comex gold futures that prices recently fell to the 50% Fibonacci retracement level of the longer-term price move from the 1999 low to the 2011 high. The 50% retracement level is pivotal. Gold prices have bounced up just a bit from that rectracement level, but not enough to suggest the 50% Fibonacci retracement will stop the price downtrend from the 2011 record high of $1,923.70 an ounce. If gold prices can trade sideways in the next few months, without dropping below the 50% retracement level, then such would be a longer-term technical clue that the gold market did put in a longer-term price low during 2015. Stay tuned.

By Jim Wyckoff, contributing to Kitco News;
Follow me on Twitter @jimwyckoff



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