Overlayed on the Daily chart below of Gold are several Fibonacci fan lines, external Fib lines, and Fib extensions. Currently, price is in between two 61.8% Fib fan lines (one beginning in October 2008 and the other beginning in August 2009). Below these fan lines are prior horizontal Fibonacci confluence levels that were resistance and are now near-term support levels...the closest level is around 1700, followed by 1660ish and 1590ish. Price reversed yesterday after hitting a Fib confluence level around 1900.
I would add that the Monthly Pivot Point in effect for August (from July's data) is 1581.60 and August's Monthly Volume Profile Point of Control is 1595.50.
The Monthly Pivot Point in effect for September (from August's data so far) is 1757.50 and September's Monthly Volume Profile Point of Control (from August's data so far) is 1773.90.
So, the first level of support is around the current price, followed by 1700ish, and so on., as mentioned in the first paragraph.
Longer term, the next Fibonacci confluence above 1900 is around 2250ish as shown on the Daily chart below.
Welcome and thank you for visiting!
The charts, graphs and comments in my Trading Blog represent my technical analysis and observations of a variety of world markets...
* Major World Market Indices * Futures Markets * U.S. Sectors and ETFs * Commodities * U.S. Bonds * Forex
DISCLAIMER: All the information contained within my posts are my opinions only and none of it may be construed as financial or trading advice...
please read my full Disclaimer at this link.
UPCOMING (MAJOR) ECONOMIC EVENTS...
* Tues. Oct. 31 ~ 2-day FOMC Meeting Begins
* Wed. Nov. 1 @ 2:00 pm ET ~ FOMC Announcement
* Fri. Nov. 3 @ 8:30 am ET ~ Employment Data
* Wed. Nov. 22 @ 2:00 pm ET ~ FOMC Meeting Minutes
* Wed. Nov. 29 @ 2:00 pm ET ~ Beige Book Report
* Tues. Dec. 12 ~ 2-day FOMC Meeting Begins
* Wed. Dec. 13 @ 2:00 pm ET ~ FOMC Announcement + FOMC Forecasts + @ 2:30 pm ET ~ Fed Chair Press Conference