Gold and the 89 month moving average

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Published : August 08th, 2018
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Category : Market Analysis

 GOLD IN THE 21st CENTURY

In order to verify the importance of the 1366 area, we have one other LONG TERM TREND INDICATOR and that is the FIBONACCI 89 month moving average.

When gold is above the 89 month moving average, the long term trend is bullish. When it’s below the average, its trend is bearish. Look how price has been rejected the last three months when we arrive at the moving average at 1366. When we remove all opinion and crunch the numbers it tells us that ODDS FAVOR the long term trend UP in gold will only resume once we close above 1366 on a monthly basis. This hurdle has to be removed for us to say with evidence that the long term trend up in gold has resumed.


Summary

When we remove all opinion and just crunch the numbers, in order to say the long term trend of gold is up (and to be able to back it up) would be to have price above the FIBONACCI 89 month moving average as support & not resistance.

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Bill Downey is the editor of www.GoldTrends.net where he monitors the price patterns on an hourly, daily, weekly and monthly basis. He offers commentary on what it all means along with support and resistance levels along the way in advance of each day's trade. If you would like to join for 30 days he offers a free trial. Visit his website home page for details.
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