As I mentioned on my previous post yesterday, the gold price would be stop around 1627 on 224% Fibonacci and flipped back to the upside and attempts to test yesterday High today. If the price breaks that level then it might be the beginning of the uptrend in medium term. But if the price flips back and remains below 50% Fibonacci then it will test the yesterday Low and the next target would be 1619 - 1610.
http://www.blogger.com/blogger.g?blogID=6118918572270670476#allposts
ReplyDeletejust do not get how you did this 224 % whereas I did it as 61,8% :)
That happened on Thursday (March 22nd), that means that I drew the Fibo based on Hi/Lo one day before (Wednesday, March 21st) which is 1661.00/1645.90.
DeleteI added 224% on Fibo, where 224% is considered as one of the 'secondary numbers' on Fibo sequence according to "Harmonic Trader" theory.
To me that's the beauty of Fibonacci, no matter how you draw it, the price (almost) always stop around those levels.
Anyway... thanks for stopping by :)