Gold Daily Losing Embedded Status - Retracement Coming!

23. März

Gold: Daily, Fib & Indicators . . . We hit the high a week ago, corresponding to our objective from the Daily Fib Long in October 23. Now, we are lining up for a daily retracement of that move from October 23 to our highs. We could spend the next2-3 months heading down to the bull fibs, between 1968.76 and 2066.42. The daily chart, even with the Asian breakout to highs, has lost it's slow stochastic "embedded" status, meaning that further weakness, especially a close below 2155, would bring Bollinger Band support at 2131 into play. Losing that level would mean a trip to the lower Bollinger Band, currently within our Fib area at 2017. I will lean towards selling spikes, so long as we don't break into new highs. And, on weakness, I would lean against the 2155, 2130 levels as breaking those would mean a deeper correction.