Using Fibonacci to trade gold

A showcase example of the power of Fibonacci levels enables John C Burford to take profits in the gold market.

I'm going to talk about the gold market again today, because it's a great demonstration of how to trade using Fibonacci levels.

On Monday, the market was declining off a very significant internal trend line just under the $1,700 level and heading for the early January low near $1,625.

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John is is a British-born lapsed PhD physicist, who previously worked for Nasa on the Mars exploration team. He is a former commodity trading advisor with the US Commodities Futures Trading Commission, and worked in a boutique futures house in California in the 1980s.

 

He was a partner in one of the first futures newsletter advisory services, based in Washington DC, specialising in pork bellies and currencies. John is primarily a chart-reading trader, having cut his trading teeth in the days before PCs.

 

As well as his work in the financial world, he has launched, run and sold several 'real' businesses producing 'real' products.