Reading Gold Prices with Fibonacci Indicators

@ Edy:

Technically as of tonight (February 22nd) it is still tending to be bearish after forming 2 bearish engulfing candles, the parabolic SAR indicator point moving above the candle bar, and the price breaking the Fibo 23.6% support level:

To find out if it will reverse or continue must be confirmed by at least 2 indicators. Like in the previous movement, after failing to break the Fibo 38.2% support level, the movement reversed bullish after being confirmed by:

- RSI indicator moving above the 50 level
- ADX histogram line changing to green (bullish).

If you enter buy on the next bar it is also confirmed by the parabolic SAR indicator point moving below the candle bar. It doesn't necessarily have to be all indicators confirming because almost all indicators move lagging (slow response).

Regarding the Fibo levels that potentially affect price movements, actually all Fibo levels are important and have the potential to affect the movement.
In this case, from the history of daily movements, Fibo 38.2% and 61.8% appear as strong support levels.