Recently, I’ve only been charting gold futures on a weekly level. The weekly Fibonacci draw is green. It has a target of 1287.4 and two support levels of 1214.2 and 1202.5. As of this writing, gold has just tested the lower support level of 1202.5 (current low = 1202.7)
Gold Futures – Weekly Fibonacci levels
Gold Futures – Weekly chart
In the chart below, let’s look at some daily levels also. The current daily target is 1283.3 with support at 1222.8 and 1213. As you can see in the daily chart below, those support levels will fail today, February 15th, 2016. This will create a downside, daily target of around 1188.3. I’ll update charts as needed.
Gold Futures – 6 Month, Daily Chart
Gold Futures – Daily Chart
Thanks for reading and always use a stop !
Dave
