Update to my ongoing analysis of Gold (see links below).
So we topped exactly at a strong resistance zone previously plotted. After hitting the top we saw immediate profit taking, but no bears. Until late in US session when Fed Govs clarified rate cut possibilities.
The downward momentum was already in place when the news came out. That news caused an immediate dip, auto-rally bounce, and now resuming. Lets see how much premium was based on a 50 bps rate cut. (now 25 bps).
1411 might still cause a stall or small bounce. 1405 looks highly likely to be reached soon. 1400 retest is probable and would make sense.
Previous Gold Analysis: <= 4 mos ago
See some of my other Forex calls below. I also plot Crypto and some Stocks, check my Profile Page.
(scalp that ran hard) (warning just in time) (perfect top, still in play) (just in time, quick 70 pips) (Perfect entry, still in play) (Upthrust warning just in time) (Fib extensions at work) (recent perfect entries) (recent perfect entries) (the very tippy-top a year ago) (almost at a long term target now)
Of course, I have had total FAILS on some plots also, not going to pretend. But my plans offer PRECISE entries, TIGHT stops, and EXACT take profits. Precision is the way of the Fib. Almost every turn happens at a Fib Line.
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Making steady progress towards first target. Albeit it is Asia session and lowish volume
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1411 was an important support to have lost 1405 next stop
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Ping ... first target hit exactly
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1405 is putting up a good fight in Asia session But am still expecting a 1400 test, maybe London will run a bear trap just below 14 round and then take it up...
@mehmetgdogan, hi, personally am waiting for London session to see what they do.
They might actually buy, so a like right at 1400 round might be worth a shot at a long.
But if 1400 breaks, then it will hard to say where it will stop, although I am pretty confident in the zones plotted, just dont know which one might bounce it if 1400 does not ....
Finlandguy772
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Personally believe it'll retest 1350 area and go back up. Based on Daily/Weekly support levels and Fibo
EuroMotif
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@SPENCER2704, hi, thanks for your feedback. $1350 sound good!
I am currently looking one target at a time to gauge each one, but we will probably both be looking at the same targets pretty soon.
Finlandguy772
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@EuroMotif, Good Analysis. Looks like we hit first target, seems to have enough steam to move downward.