Using Fibonacci Numbers as Static Resistance Zones for Gold

FX:XAUUSD   Gold Spot / U.S. Dollar
The major top and the start of a trending down-move was the Top at 1345$.

I took it and subtracted the Fibonacci numbers from it to find nearly exact Support/Resistance points.

The question is,

Will the 1201$ which is 1345 - 144 (A really important Fib Number ) provide resistance for the current rally? Or has the validity of the 1345$ top failed?

A couple of days might reveal the answer.

Ok very interesting, but how will you know which fibonacci number to subtract?
+1 Reply
DavoodWadi vlad.adrian
That is a difficult question to answer most of the time.
But this time in Gold, it did not only react to all Fibonacci numbers but also they were major turning points. (Only 34 did not make a major top but still was a good resistance)

So what I did was to add the next number (144) and hope for it to react. Which may not be true because of the fact that the whole bearish Elliott wave has probably ended.

Thank you for your question vlad.adrian.
Wish you a nice week.
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