Quick post to give a "heads up" for upcoming resistance zones.
NOTE: If you see blurry numbers, that is a TV bug, not on purpose. , hopefully with CLEAR numbers at zones.
Gold's historic move has been a sight to behold, ever since it broke $1350 Price is now approaching key resistance zones where a retrace could start. Fundamentally, Covid fears are "plateauing" and stocks are still recovering.
All in all, I still very bullish , looking for $2100 eventually. But we are due for profit taking and some consolidation. Coming up are two ideal checkpoints from which to rest.
1726.10 - 28.50 could end the last wave up (green fib series). 1743.16 - 47.78 is where several waves could end (high tf fibs). 1757.00 - 57.90 could be an upthrust before retrace (stop hunt).
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Previous Gold Analysis (click): Mar 18, 2020: Feb 24, 2020: Jan 09, 2020: Nov 18, 2019: Oct 25, 2019: Oct 14, 2019: Oct 03, 2019: <= Still Plausible Oct 11, 2019: Sep 04, 2019: <= Just in Time Jul 19, 2019: <= Caught the Jump Jun 24, 2019: <= To the Penny Jun 17, 2019: Apr 04, 2019: <= To the Penny Apr 16, 2019: Mar 03, 2019: <= 1 year ago
Of course, I have had total FAILS on some ideas too, not going to pretend. But all of my plots show PRECISE entries, TIGHT stops, and EXACT targets. Precision is the way of the Fib. Almost every turn happens at a Fib Line.
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Ping
Precise hit on 1 resistance zone
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Zoom IN (5 min) for a closer look at the touch PERFECT! nice exact relflection.
Now, is that the top? hard to say. But IF we are near a top, THAT will make for a perfect one.
Update Starting where we left off above, in last Snapshot ^^
The 1709/10 zone put up a very good support, with several bounces including a strong one to 1739
But that turned out to be a "wave B" bounce, and then "Wave C" down began The existing support zone around 1674/78 looks like a good target for Wave C, at least right now.
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HOWEVER, zooming out to 1h, we see that wave C could easily go on support deeper and THAT would be the "textbook" retrace of the last Impulsive wave (12345), coming back to the wave 4 zone.
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SUMMARY: - Pullback proceeding in a controlled and expectable manner. - Minimum target is 1675, likely 1645 to be hit - All signs are still very bullish, just a "healthy" correction thus far.
Following up to the last pic just above, we have this the first target for wave C. But the zone was pierced, as the green 1.618 could not hold it.
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Re-Calibrating the fib for the leg down (red fib) indicates three possible support zones. Red 3.236 has remote chance of being the bottom. Red 3.618 is more likely to give a significant bounce. Red 4.236 is the MOST LIKELY target and possible bottom.
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SUMMARY: - Weekend Open in Asia and EU sessions continued the pullback. - $1650 looks very likely to be tested and could end retrace. - Would be perfect to hit 1650 just before NY open (3 hrs to go). - IF we hit target my then, we have a very good chance of major bounce.