This chart uses the Fib Spiral. The spiral is anchored at the 1976 pivot low of $101.00 for gold.
In actuality, there are multiple Fib Spirals which appear on the chart. For me, the areas of particular interest are where the 5 red arrows are pointing.
Four of those arrows point to times beginning in August of 2013 where the price could not break out above the Fib Spiral.
The 5th arrow points to a support line drawn from June of 2006.
I believe if that support line is broken and gold is also unable to break above the Fib Spiral, where it has failed previously, then the gold price will likely move significantly lower in price - sub $1,000.00.
In fact, my suspicion is, based on this and other charts I have been looking at, that the gold will be 50% or less of the current price before the gold bull market resumes again, somewhere after 2019, perhaps as late as 2023 or so.
In actuality, there are multiple Fib Spirals which appear on the chart. For me, the areas of particular interest are where the 5 red arrows are pointing.
Four of those arrows point to times beginning in August of 2013 where the price could not break out above the Fib Spiral.
The 5th arrow points to a support line drawn from June of 2006.
I believe if that support line is broken and gold is also unable to break above the Fib Spiral, where it has failed previously, then the gold price will likely move significantly lower in price - sub $1,000.00.
In fact, my suspicion is, based on this and other charts I have been looking at, that the gold will be 50% or less of the current price before the gold bull market resumes again, somewhere after 2019, perhaps as late as 2023 or so.
