Fibonacci lines...another priceless indicator

I already said that I was not going to trade gold any more...trading forex pairs is much easier to predict...which is ridiculous to say, considering that Forex trading is really difficult. BUT it is nice to know what you can expect from gold in the near term. So, if I have any aspirations of seeing my gold recover a little, I think we will need to start by having a 4 hour bar close above 891 or so.

See how the 38% retracement level was touched four times? Each time it bounced back. I use the great trade triangles and other indicators...but Fibonacci points are a killer way of trading because the levels you choose are likely the same levels other traders choose to make decisons at. So you can always expect selling or buying to occur at these points.