Highly Volatile 24 hours due to Iran Crisis, and more to come perhaps. But as of London Open, the "war" cries seem to have cooled down a bit. Iran kinda said, "we're done if you are", and Trump tweeted "all is ok".
Thus we are retracing some/most/all of the spike from that particular uncertainty. However, the "cat is out of the bag" now, because %1600 was broken and held for a bit. So now we look for re-entry options, for either another quick spike, or long term trend.
$ 1584.24 - 85.88 is current support zone but probably will NOT hold. $ 1576.81 - 77.81 is nearest support below, and MINIMUM expected. $ 1573.82 - 74.55 should be a STRONG support with at least a bounce.
1567.xx is the MOST LIKELY retrace point in my opinion. 1555.xx is the KEY SUPPORT that we do NOT want to test. 1600.xx of course will be the HARD RESISTANCE if hit.
Of note: I am a Bull, expecting $1750 next, then $2100 ! (see my plots below)
Previous Gold Analysis (click): <= Update Jan 7th <= 1st call, Oct 3rd <= Awesome Short <= Just in Time <= Caught the Jump <= To the Penny <= To the Penny <= 9 mos 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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Minor Update
Not much movement since posting, but we did drop one shelf lower
Of note though, are the clean Pings on that support zone, and that last ping MAY have started the next leg down
"Not all Pings start a reversal, but Most reversals start with a Ping". Thus is always worth paying attention to pings, and wait for a Ping to enter a trade.