Fibonacci Time/Price Setup In Gold


We had a real nice time/price setup in gold recently.  First we had a key price support decision based on the Fibonacci ratios at the 3344.30-3355.90 area.  The actual low was made at 3353.40, which was directly within this price support zone.  At the same time we tested key price support, we also had timing from the histogram between 8/20-22.  The low was made on 8/20, which was also within the ideal time zone.  

So far we've seen a rally of $165.10.  My first meaningful upside target comes in at the 3583.20 area.  At this point we are trailing up stops on this long just in case we don't meet target 1.  So far so good!!



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