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Last month Chris Kimble shared a fascinating analysis of Gold using a Fibonacci sequence on the horizontal axis (see this June 26th post). Today he offers an update.
Chris comments:
My June 26th analysis suggested that gold was at the top of a rising wedge and looked to be completing a 144 day Fibonacci low-to-high pattern (See the June chart below).
A month later, Gold has now declined more than $90 per ounce. For those that were looking to "score on defense" it has been a good 30 days.
The key now is that a support line dating all the way back to the 2008 lows is being broken.
For those long gold, this has been a line in the sand to harvest some positions. For those looking to score on defense, this price action is just what the pattern suggested.
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