OTCPK:KRCLF - Post by User
Post by
cleareyeon Sep 26, 2022 3:00pm
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Post# 34987296
A Fibonacci Retrace for Gold hit - and now bouncing higher
A Fibonacci Retrace for Gold hit - and now bouncing higherIn August 2018 gold hit $1167 and then it hit a high of $2095 in July 2020.
So the 50% Fibanacci Retracement of around 1630 was hit today and now we're bouncing higher.
($1630 EOD translates to around the $1621 level that Kitco and Goldprice pump out as the minute by minute price.)
We'll see if that is the bottom. I have believed that the devaluation of currencies over the past few years, if not decades, will eventually drive gold higher.
It'll bottom when the "market" decides - but, todays low is another natural bottom.
Then the shorters of a stock like krr will cover.
Most chart analyzers have ignored this 50% retracement mark - maybe for good reason, maybe not.
It's just another point on a chart.
cleareye.