Gold Price Moves Into Important Fibonacci ZoneCommodities / Gold and Silver 2014 Mar 17, 2014 - 12:42 PM GMT
Gold is at the highs once again, testing 1380-1400 area where we see some important Fibonacci levels that could react as resistance in this week. An updated count now shows a five wave move in wave (c) of C that is in final stages after recent break out of a running triangle in subwave four.
Keep in mind that on a daily time frame we are still looking at a triangle count where price is now testing important 78.6% retracement level of 1435-1180 move. A reversal down from here back to wave four range could suggest a completed rally for metals.
Gold 4h Elliott Wave Analysis
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