Gold in US$ week in review

DailyGoldChart
Posted Jul 20, 2015

We at Dailygoldchart.com believe that the current gold price represents an equilibrium between the bull and the bear case.

We track the spot gold price through progressive Fibonacci maths ranges every business day. We track it in terms of the US$ which is still the perceived default global reserve currency.

We have observed that short term Fibonacci math ranges and patterns often appear to form part of patterns and ranges in longer time frames as self-similar fractals do. For this reason we track these ranges in the short, medium and long term.

Week ending July 17th 2015

This Week’s Fibonacci Levels Ranges

Medium Term View

Long Term View

Conclusions

Short Term - we might see a bounce here at $1134, but more likely, another quick fall to $1124 before any pause.

Medium Term - the medium patterns and ranges still indicate that the price will fall to around $1000.

Long Term - If it goes sub $1000, it will likely continue on down to ~$800.

Our Method

• We have learned from observation that Gold’s US$ price action moves in a series of ranges that appear to have Fibonacci math in them.

• Within these ranges the price often follows a wave-like template pattern from one level to the next.

• This wave-like pattern appears to work in the same way on a move up as on a move down.

• New ranges often begin from one of the levels of the previous range.

• The Fibonacci levels seen in trading ranges is a more reliable guide than the wave patterns.

• The wave patterns are less predictable than the Fibonacci math ranges because they are based on fickle human behaviour.

• Importantly, as the Fibonacci ranges and patterns unfold, we modify our range and pattern analysis accordingly.

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DailyGoldChart
email: dailygol@dailygoldchart.com
website: www.dailygoldchart.com

Disclaimer: This essay and posts by www.dailygoldchart.com are no more than technical analysis and are not a recommendation or an offer to buy or sell securities or any other asset.

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We recommend that investors consult with qualified investment professionals and do their own due diligence and research when making any kind of a transaction with financial ramifications.

321gold Ltd