The Yellow Brick Crossroads
I have a preferred scenario in the SPDR Gold Shares (GLD), but that does not mean it will play out. I can be wrong, but the good news is that my risk is defined by the Fibonacci numbers and ratios.
I was looking for a possible low to develop around Dec. 19. We are at an important crossroads in this market since then. GLD ended up making a low on Dec. 20, just $0.10 above a key Fibonacci price cluster zone at the 157.54-158.29 area (actual low 158.39). This price cluster developed within the context of a two-step pattern. The cluster zone included a 0.618 retracement of the May 30 low to Oct. 4 high, a 100% projection of the first swing down of the zigzag pattern (Oct. 4 high to the Nov. 2 low projected from the Nov. 23 high) along with a 1.618 extension of the Nov. 2 low to the Nov. 23 high....261 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.
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