AmarPearson

GOLD// Rejection from 61.8 & 20EMA

Long
FOREXCOM:XAUUSD   Gold Spot / U.S. Dollar
After an impulse comes a pull back to nearest support or last broken structure. On the Weekly this would be around where our new bottom is around the 61% level.

Currently we're sitting above the mean, which is also the 20EMA midline of the BB.
If you are familiar with using fibs, you may realize that usually when price finds supports on one of the golden ratios, it tends to pull back to the 0% line and we then have a new premise from there. Many times from the 61 and 38% we go to -27% and from the 50% to -61%.

Also, if you use BB's a lot, you also notice trend switches after big moves. Up until May, Gold didnt break and close above the 20EMA after the record ATH . Given we've had such a sharp downturn and now rejection back up, this can indicate the start of a new mid term trend IMO.

Let me hear your thoughts.

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