I think you may be missing the point..there is no such thing as "THE" pivot low....every chart has a "SERIES" of pivot lows. An experienced Fibonacci chartist is always going to be  using these significant series of pivots to build their charts and to properly identify "Fib clusters".

As the "smart money" traders that are doing this will by definition, in instances like this, have a series of Fib pivots just a fraction of a percent above the "obvious" pivots used by most amatuer traders....In instances like this, (GLD), where the market is already very over extended...the smart money guys will always be watching for Fib reversals right above those that the amateurs are using. Not only does that allow them a backstop, (from all of the orders placed by the amaturer Fib watchers just below), if they go long on a reversal pattern into the zone that then the security sees a slightly lower low....but they also catch many of the reversals that anyone waiting for the obvious Fib zones to be hit,  (at lower prices), will miss as the price reverses from the "smart money" buying before it even falls to the "obvious" Fib levels identified off the single deepest low on the chart.