200 unit weekly upper bollinger band is being violated...this retrace is a nice opportunity to get in before the rest of the take off toward the highs of 2011. This was the last time the 200 unit weekly upper BB was violated, and the bear market on gold is now reversing.
Previous top from early January(double topped back then) was nearly reached this week, but rejected. Fib/support levels show a short term low upcoming at .786 of the fib levels on the right of this chart, if that is hit it looks like further downward progress to the 0.382 level of the longer term run up that began in May.
Weekly Chart(not shown here) has candles...
Fib lines in orange background show the recent low on November 30 to the recent high of 1.64 on June 21(and double top on January 2), and it recently broke through 0.6 fib level and price of 1.6 with great price action and high volume from mid June - July.
There is a fib chart on the far left of the long term bottom in February 2017 up to the recent...
The fib level retracement from the double top highs of April and June 2018 indicate resistance at 16.1 area, roughly on par with the fib level there. Also shown is the resistance level at 14 in September - November. It failed to reach that low in May.
If it makes the 0.5 fib level at 15.7, it should continue upward toward 16.1
current price is at an interesting impose because of the recovery from a historical low, many people are betting bull here for some period of time but the short market is still strong....my alert is a good top because EU is still short long term but is experiencing a small reversal that will be denied