3 years ago

GOLD ! Flash crash?

Gold traded down to the 50% Fibonacci level of $1091 in a sudden sell off this morning.
The reason for sell is unclear.

The fib level is established over the 10 year bull run from the 2001 low to the September 2011 high on this Monthly chart.
With an established down trend in the Gold chart since September 2011 the lower price could have been expected, the result was a $45 dollar fall in 30 mins.
Is it a buy at this level?  Depends on the risk tolerance, at the moment until a base has been established the answer is no.

Gold Monthly