Though we broke below the Fibonacci 61.8 retracement on Thursday the daily close is still above that level.
At the beginning of this year we printed a nice rally from 1045 to 1375$. The 61.8% pullback level of this rally is at 1171$. The Fibonacci 61.8 retracement is a very important level. If we are still in a bull market price shouldn't close below that level on the weekly basis. The intraday chart can break below but price must recover by the end of the day or next day the latest. This is exactly what happened today. We tagged 1161 today but price quickly reversed despite the good data today.
As I'm typing this we are printing a daily swing low again. It's the 4th swing low in this intermediate decline. Last year the 4th swing low was working so hopefully this swing will not get erased....
Indicators
All the indicators are showing to the upside. 1hr and 4hr charts are showing divergencies...
MACD will cross over soon
RSI left overbought
SlowSToch is turning up
TSI crossed over
LONG ENTRY The perfect entry was at 1161-1166 in the afternoon , but I still think entering here is not late as we have only 10$ behind us. If gold is still in a bull market we are going to print a higher high above 1375...
At the beginning of this year we printed a nice rally from 1045 to 1375$. The 61.8% pullback level of this rally is at 1171$. The Fibonacci 61.8 retracement is a very important level. If we are still in a bull market price shouldn't close below that level on the weekly basis. The intraday chart can break below but price must recover by the end of the day or next day the latest. This is exactly what happened today. We tagged 1161 today but price quickly reversed despite the good data today.
As I'm typing this we are printing a daily swing low again. It's the 4th swing low in this intermediate decline. Last year the 4th swing low was working so hopefully this swing will not get erased....
Indicators
All the indicators are showing to the upside. 1hr and 4hr charts are showing divergencies...
MACD will cross over soon
RSI left overbought
SlowSToch is turning up
TSI crossed over
LONG ENTRY The perfect entry was at 1161-1166 in the afternoon , but I still think entering here is not late as we have only 10$ behind us. If gold is still in a bull market we are going to print a higher high above 1375...
