dshort.com - Precious Metals Update and Fibonacci Over Time

Precious Metals Update and Fibonacci Over Time
June 26, 2010 Analysis from Chris Kimble

First Chris Kimble updates us on gold and silver, following up on his June 18 charts:

Fibonacci, wedge resistance and the crayon test are still in play.
Gold closed at $1,255.80; down $1.20 on the week ($1,250 is fib resistance).
Silver closed at $19.17; down 7 cents on the week ($20 is Fib resistance).
GDX was off a third of a percent for the week (See Lucky Charms).

This morning he looks at Gold and offers a less common perspective on Fibonacci patterns — this time on the horizontal rather than the vertical axis.

Click for a larger image

Chris comments: Fibonacci patterns abound in nature, and they are used as key indicators for stock market advancements and retracement levels. Fibonacci is less frequently used as a time gauge.

144 is a number in the Fibonacci sequence (0, 1, 2, 3, 5, 8, 13, 21, 34, 55, 89, 144 ...).

Look how 144 could fit into the timeline for movements of gold. Curious coincidence? Or is a pullback at hand?

For feedback or more information, email Chris at KimbleChartingSolutions@gmail.com.