On the time axis we have price running for 63 days from the high on 8th January ending 11th March.
Price also moved from 1703 to 1640
1703 - 1640 = 63 points
From the low 1535 to 1640 we have a 103 points range on the price axis and 63 days range on time axis
63 * 1.618 = 103.9.
That means a golden rectangle 1 x 1.618 sides was formed below 1640. So 1640 would be a support level acting as the top level for this rectangle. Price has to break into this rectangle to assume new lows.
Ranging the 103 rectangle would give clues as to next support levels and time locations for change in trend.
The clue is that price is decaying into smaller golden ratios and squares. This is best represented graphically.
In the next post we would discuss the major tops we can expect gold to hit in the short and medium terms.
Trade wisely
Price also moved from 1703 to 1640
1703 - 1640 = 63 points
From the low 1535 to 1640 we have a 103 points range on the price axis and 63 days range on time axis
63 * 1.618 = 103.9.
That means a golden rectangle 1 x 1.618 sides was formed below 1640. So 1640 would be a support level acting as the top level for this rectangle. Price has to break into this rectangle to assume new lows.
Ranging the 103 rectangle would give clues as to next support levels and time locations for change in trend.
The clue is that price is decaying into smaller golden ratios and squares. This is best represented graphically.
In the next post we would discuss the major tops we can expect gold to hit in the short and medium terms.
Trade wisely