So this is the monthly chart of gold and currently the next fib...

So this is the monthly chart of gold and currently the next fib level (not the popular ratios) is 70.5% with some confluences. How can you then project the likely Fib extension as key likely tops? Usually it is the 1.27, 1.61 before an extended reach for another retracement. In other words there isn't a swing high/low post breakdown to find the extension of the Fibs.


It seems to be predicting a likely retracement is much easier than where the bounce will likely reach? That green MA(50) monthly = MA(200) daily. The monthly candle has definitely crossed  and closed below and the 200MA is now pointing south, considered very bearish.

Unfortunately I would be very brave to find any reasons for a turning points but stranger things have happened. I keep an open mind.