market folly

Wanted to link up a few different technical analysis videos we've seen recently for those who may be interested. These are a bit more educational in nature since they were filmed a few days back, so just a head's up on that. They're always a great resource for those looking to fine-tune this analysis within your investing or trading arsenal. And specifically, these videos focus on Fibonacci retracements, a tool that many technical analysis gurus swear by.

Firstly, the guys over at MarketClub are back looking at a video of both Crude Oil and Gold. And, they noted a similarity between the two: both recently bounced off Fibonacci retracements. In a previous video we highlighted, they thought Gold would retrace to around $924 or so and that's exactly what happened. They are now targeting $980 to the upside before the metal encounters more resistance. And, of course, $1000 is the key level for gold on the upside in order to breakout and really start running. Adam suggests putting on a trade with a stop around $950 and you can see the other key technical levels he's identified in this separate gold video. Oil on the other hand reversed off the $63 level which coincides right with a Fibonacci retracement as well. They said they were looking for crude to run into more resistance there around $74 in the near-term. You can watch the video showcasing these two very recent Fibonacci retracements here.

If you're unfamiliar with Fibonacci retracements, we highly suggest learning about them and there is a great educational video on Fibonacci's here. And of course, if you're new to technical analysis altogether, we'd suggest checking out our recommended reading list on the subject.