On of the room's upper class man passed along a fibonacci worksheet and asked me where the price of gold was going to go. Scott sort reminds me of Otter in Animal House, interestingly wise in his ways. Spending the day off drawing fib levels, I've got to admit after awhile getting confused which way was up. Nonetheless....
Gold has been moving nicely, inversely correlated with recent equity action.
In the long term, Gold has settled near its 20 year, 5 year, 1 year and 20 day point of control (meaning churn)
Recently demonstrated support levels at 1220 and signs of a short term long trend have been observed.
Intermediate and long term signals are mixed and will probably remain this way until some event takes place. Details, observations & ruling reasons are on the pictures.
Long (monthly) View
- Price is at "fair value", awaiting a major event
Intermediate (daily) View
- Price is entering a squeeze at this multi time frame point of control
- Based on prior action at this level (from the other side), a pullback before continuation long?
Short Term (30 minute) View
- Until a major breakout signal is observed, trade the rotational market between visible levels