Sprott PHYS gold "Buy wall is being broken down"
Indicators are pointing down and we've just corrected past the .38 fib. We also have a gap to deal with if we drop lower then the .68 fib. Gap will be hit if we drop to the .78 fib. The buy wall at 16.72 was just broken so we're on our way to the .5 fib.
If we are in a strong uptrend it should bounce at the .5 fib or above. I would think about adding to my position if it drops to the golden pocket between .68 and the .65 fib or between the blue lines if we still looked healthy.
I would keep an eye on RSI and MacD crosses.
If we are in a strong uptrend it should bounce at the .5 fib or above. I would think about adding to my position if it drops to the golden pocket between .68 and the .65 fib or between the blue lines if we still looked healthy.
I would keep an eye on RSI and MacD crosses.