Gold Price Chart with “Weekly” Bars and Analysis
In 2013, Gold broke below its 23 percent Fibonacci retracement level and a bearish trend change took place at (1).
This was the beginning of a bigger decline that saw gold fall another 450 dollars.
Nearly six years later, Gold returns to this “breakdown” level in hopes of making it a new “breakout” level at (2).
If Gold can breakout at (2) it will send a very bullish message to the market.
Stay tuned – gold bulls are knocking on heaven’s door!
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