Commodity Blog

Posts Tagged ‘Fibonacci’

According to this technical analysis video that’s trying to make sense of the gold’s weekly chart, the shiny metal is approaching its medium-term bottom in a correction that follows a record-breaking rally. The video analysis uses some very simple methods, including Fibonacci retracements and MACD.

The author of this video approaches with to the gold and USD analysis with the help of Elliott Waves, Fibonacci retracements and the average lifespan of the gold cycles. According to this technical analysis the gold can retrace at least to $750/ounce as the bullish series of Elliott Waves are over. In case the the widening channel is broken on the gold chart, the commodity may go down to the early 2000′s levels. Meanwhile the dollar will probably continue to trade inversely to the gold, making it a good indicator for the commodity markets. Watch the video for the charts and more interesting details:

This video is a medium-term analysis of the spot gold chart with some predictions based on the trend analysis, support and resistance levels and Fibonacci retracement. Although the gold behaved in a very bearish manner during December, the current month looks to be promising for this shiny commodity. The gold may continue its long-term rising trend in January with some profit potential for the bulls and an opportunity to go short from the higher point for the bears.