Going up, it breaks the 24% fib level, continues & touches the 38% fib level, but doesn't hold. 38% fib (1217.75) becomes resistance and 24% fib ($1180.44) becomes support.
Price attempts, twice, to touch the 50% fib($1247.72) level, but, fails. On the 3rd week, we eventually break the 50% fib level but get stopped by the resistance Tom De Mark . A new point is formed.
Price falls sharply, but, fails to touch the 38% fib ($1217.75). It is interesting to note then that, at this level, we do touch the support Tom De Mark and that on the Tom De Mark , we are approaching our apex and are likely to see a new trend.
ACTION - Weekly - Long.
We need to see the gold price touch the 62% fib level ($1277.79). at that point then, we will see a sure continuation of the down trend or a confirmed fail of this reversal. to confirm that the reversal has failed we would have broken the 79% fib level ($1320.61), a point we last saw before the US election in September 2016.
Numbers - Long
Take profit : $1277.50
Stop loss : $1210.59