#Binance desktop fibonacci sequence series#

Then on Wednesday, November 13th, gold prices spiked sharply higher trading to $1464.30, almost $20 above the low predicted using Fibonacci retracement theory. This was the first strong indication that this retracement level accurately forecasted support. On Tuesday, November 12th, gold had traded to a low of $1446.20, and recovered to higher pricing after. We noted that current pricing was $11 above our first level of interest, the 23.6% retracement level at $1466.10. Of particular interest on chart 1 is the Fibonacci retracement levels that occur at the 23.6 %, and 38.2% retracement levels. We also used a very long data set beginning in December 2015, when gold prices dropped from $1900 to $1040, and ending in August 2019, when gold reached its highest value this year at $1565 per ounce. We used Fibonacci retracement theory As our primary technical study to indicate various levels that had a high probability of identifying price support. In fact, the chart below labeled chart one was the actual chart that we presented on that day. Deeply under the influence of bearish market sentiment, gold pricing had been in a defined correction, with current pricing at $1456.80.

#Binance desktop fibonacci sequence series#

On Monday, November 11th we wrote the first of a series of articles in which we first identified a strong possibility that the correction in gold was about to conclude.

What would follow would be a multi-month correction moving the price of gold lower. It took only four months for gold to gain 5.3% in value.įollowing this dynamic price advance market forces resulted in a key reversal, a pivot from bullish market sentiment to bearish market sentiment. From the beginning of May up until the beginning of September gold gained approximately $295 as it moved from $1270 per ounce to $1565 per ounce. On September 4TH, 2019 gold hit its highest value for the calendar year.