Why did Gold rise instead of fall?
Let's look at the 1 hr candlesticks to understand as well as the Fibb.
The 5 candlesticks within the yellow oval form a Rising Three Methods. This is a Bullish setup. It constists of a larger bullish candle, 3 bearish bodies which fall but fit within the first bullish candle, and end with a bullish engulfing candle.
The second candle of this formation also does something interesting-it has an extremely long wick which comes down and gets close to the orange line. What is this orange line? It's the 38% Fibb.
After concluding the Rising Three Methods, Price continues to push up and had in fact turned Bullish. Let's see if the Bulls can hold or if the Bears will gain back lost ground
Let's look at the 1 hr candlesticks to understand as well as the Fibb.
The 5 candlesticks within the yellow oval form a Rising Three Methods. This is a Bullish setup. It constists of a larger bullish candle, 3 bearish bodies which fall but fit within the first bullish candle, and end with a bullish engulfing candle.
The second candle of this formation also does something interesting-it has an extremely long wick which comes down and gets close to the orange line. What is this orange line? It's the 38% Fibb.
After concluding the Rising Three Methods, Price continues to push up and had in fact turned Bullish. Let's see if the Bulls can hold or if the Bears will gain back lost ground