Courtesy of Doug Short.
Gold, for good reason, remains in the headlines.
Looking back over 30-years, Gold this morning is very near a key Fibonacci expansion/extension price level and a key channel resistance that has been in place for the past nine years.
Less than 3 weeks ago when gold was at $1,641 the $1,900 projection was shared, suggesting that investors might want to consider, if long gold, harvesting some nice gains.
Well in the pre-market this morning, Gold came within $22 of hitting the $1,900 level. As we see in the chart above, during the past nine years it has paid to harvest some position at the top of the channel and purchase back on rising support.
It’s interesting that the biggest decline in Gold during the past nine years was during the 2008 financial crisis at (2). Is it different this time around? Time will tell.
(c) Kimble Charting Solutions
blog.kimblechartingsolutions.com
