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EuroMotif
Apr 14, 2024 10:01 PM

Gold near term: eyes on 233x then 2307 for uptrend supports 

OANDA:XAUUSD60
GoldOANDA

Description

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Currently at a support going into weekly open.
Last wave has been retraced to its Impulse Core.
If any energy left in this wave, it should be here.

Otherwise, next support is a MAJOR fib at $2307.19.
If that fib breaks, then bulls will be done for a while.
If risk-off remains the sentiment, look for $2700 next.

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Comment

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Little bounce as expected


Zoom in (m5) with explanation

The "Impulse" is what starts a wave,
the "core" is the golden pocket of it.

Zoom in more (m1)

Perfect PING (exact ricochet that you can almost HEAR)
Also notice the subsequent Pings on the fibs above.
As long as we keep getting pings, count on the fibs.

Lets see how far this bounce takes us.
Could be proverbial "dead cat" bounce

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Comment

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Decent bounce after all, better than a "Dead Cat"

DId pierce our green Impulse Core, but recovered quickly.

Zoom in (m5)

Several Pings on each of the local fibs,
so that series is still highly influential,
next we will watch the 1.618 at $2360.99

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Comment

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( (( PING )) )

Follow up to last update looking for gold 1.618 at $2630.99.
Bounced with a "Ping" (exact and violent ricochet that you can almost HEAR)

That has a CHANCE to bounce us to new highs!

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Comment

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Another bull push


Zoom in (m1)

Perfect Pings on the local fibs,
4.236 top, a very common wave ender,
2.618 retrace, also very common to see.

All fibs still in play per the proof above.
So we continue to watch this set of fibs.
We might be headed to new highs from here.

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Comment

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Down a LOT today

MidEast conflict de-escalating so risk ON again.

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Zoom in (m8) and a fib (red) to the decline

Was an accelerating wave,
likely to continue further.
Next three supports to watch:
$ 2324/25 current floor, unlikely to hold.
$ 2314.89 should bounce a bit or slow things,
$ 2307.19 original target still looks likely.

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Comment

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Followup to last snapshot

Fell trough both lower targets,
but has reclaimed the important one,
the major fib at 2307.19 is the key.

Lets see if 2307 can hold after US open.

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Comment

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( (( PING )) )

The whole world is now keenly focused on 2307.19

But us believers knew it would be important as of 50 years ago


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Support and ResistanceFibonaccifibogoldenratio
Comments
RLinda
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The big players are clearly interested in gold. The price lives completely its own life and does not react to the news from the USA.
I completely agree with the target of 2700 :)
jgaldon
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Thanks Euro Motif, would u share ur bigger picture chart for Gold? Weekly or even monthly.
If you will,
Thanks!
EuroMotif
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@jgaldon, HI, here is my big picture:

I have 2400 as one possible "top", and if not than 2700.
am waiting for this week to play out for clues on which one ....
jgaldon
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@EuroMotif, thanks! Based on my own fibs (definitely a noob here anyways) there is also a lot of confluence around the 3,000 area too (not sure if golden gold ones though), do you have any so far up there? Thanks either way for sharing, appreciated!
EuroMotif
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@jgaldon, 3000? certainly possible right? I have fibs going forever :)
But my next majors above 2700 are near 3100...
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