fxtrader66

Gold looking at a downside target?

FX:XAUUSD   Gold/U.S. Dollar
368 3 3
Gold             continues to sell towards its 61.8 fib at 1277. Support here and gold             could produce a nice bounce if not rip higher. Alt - last week a triangle was broken and was back tested as resistance. Break of the 61.8 could push gold             to its full measured move of the triangle to 1235 that's at the same level of the 78.6 The RVI is embedded in a bearish pattern , if gold             is going to make new highs, I would want to see the RVI hold above its 50 level on the daily. If the RVI continues to stay embedded look for more possible downside price action.
like this explanation
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Great Indicator Explanation~ RVI ~
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http://www.chart-formations.com/indicators/rvi.aspx?cat=volatility http://tradingsim.com/blog/relative-volatility-index/
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