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Which Fibonacci extension levels have been most useful on gold's long-term chart?
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Breakdown
0:00lesson
Weekly chart retracement levels
- Red line acts as resistance
- Price bounced off 50% retracement
- 38% retracement level
- Price touched 50% then 78.6% retracement
- Price action spans September to January
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Strong retracement levels
- 618 level is strongest
- Price broke through 618 level easily
- 100% retracement level is strong
- Price action shows high activity around these levels
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1618 level and support
- 1618 level is next strongest
- High profit-taking around 1618
- Sideways action around 1618
- Major support line at 34-3500
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Accuracy of retracement levels
- Levels become less accurate higher up
- 300% move level shows price action
- Recent spike to 4,800 on 300% move
- 3618 level was top at 5,500
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