The above chart reflects that gold is testing a crossroads of price support, as well as a long-term Fibonacci level.
Why could this become an important price point for gold?
Three years ago, when gold was trading a little over $1,600, we shared that gold could run up to and peak at the $1,900 level.
The opposite could take place now…
If one takes the closing weekly highs from the early 1980′s and the lows 15-years ago (1999, at less than $300 an ounce) and applies Fibonacci to these price points, the 161% extension price level comes into play at the same time as these long-term support lines.
This price point becomes especially important as the U.S. dollar is facing 6-year resistance at the same time right now.
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