@shafsworld, Cambista is right and I also agree with his idea. I think the reversal should start from 1275 where the major 61.8% fibo retracement lies.
Hope4Today9
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@AnasRathore, 61.8% @ 1275.00 ... Hmmm? You sure that's not an extension?? Please tell me where you placed you 0 & 100?
Cause for me it looks like we just pasted 38.2% @1265.60 on our way back towards the top of the trend.
I'm just learning, I have a "retracement chart" with 0% at the high of 1354.09 & 100% is at the low of 1122.44.
This places the 50% at 1238.27 which we bounced off of on the 12th...
Per my understanding if we CLOSE the DAY below 61% mark at 1210.93 then we need to setup a new Fib chart.
AnasRathore
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@Hope4Today9, I don't know how to send you a picture but check the daily chart and see the high of November 27, which was 100% and then see the low for December 12, That is 0%. This is the move I was talking about, Draw retracement and check where 61.8% lies. It lies at 1275.37.
AnasRathore
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@Hope4Today9, If you are Bearish on Gold at the moment for short term then congrats buddy you're on the right side to earn some quick bucks Lol..
Hope4Today9
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@AnasRathore, Thank you for the feedback... My fib trend stretches Dec 15th to Sept 7th ... I see now what your looking at.... Oh I'll be plenty happy if this short goes my way... & Good way to end the year.
AnasRathore
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@shafsworld, Long-term trend is Bullish and I anticipate a move towards 1400 and above in the long run.