*$GOLD - strong support seen at $428 via chart and 50 day SMA confirming... On Friday it closed right above the 61.8% fib line from the $456.87 high to the $410.40 low. The exact fib number was at $439.12 and on Friday $GOLD futures closed right at $439.35.
The fact that $GOLD has broken all fib levels between the recent major high and low is significant for the bull argument as the bears heavily defended the 50% and 61.8% fib resistances upon this recent rally...
Now it's the bulls turn in this extremely pivotal point in $GOLD. I know it's going up up and away over the long-term, but at this point I'm extremely bullish on it & now! Am I too bullish on it? We'll find out soon enough. But I'm not a stupid bull, I've got to make sure I've got facts. Let's now shift focus and list out the exact fib support levels from the recent low ($410.40) to last weeks high of $447.05... this being the inverse of the fib levels that were discussed to open this post off...
38.2% = $433.05 50% = $428.72 61.8% = $424.40
These are just potential fib support levels, of course with oil at record highs they could become null & void, there's no telling if $GOLD does pull back further or not but at least if one is too bullish, one has numbers to work with to be notified of a breakdown in intermediate-term trend.
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