EuroMotif

XAU.USD near term Update: $1509 key resistance, $1515 at most ?

OANDA:XAUUSD   Gold Spot / U.S. Dollar
Follow up to my last post about London Open break out zones (click).

London did not disappoint yesterday, with a strong push at open.
New York followed through somewhat, after some stop hunts.
We may now be completing or completed this 5-wave Impulse.

$ 1509 is immediate resistance, could be strong.
$ 1515 is likely end of wave if it reaches there.
$ 1505 is key support for trend continuation.

All in all I am quite bullish but expecting a pullback soon.
These 5 waves could be sub-waves of new wave "1" of next 5.
The retrace may turn out to be a wave "2" with "3" to launch.

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Previous Gold Analysis (click):
$1600 then $2100?<= Still Plausible
$1460 initial retrace
$1555 top call<= Just in Time
$1406 to $1525<= Called the Jump
$1386 bounce
$1439 top call<= To the Penny
$1332 bounce
$1320 top Call
$1270 bounce<= To the Penny
$1280 break
$1380 call <= 8 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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Comment: Well that was a CLEAR end of the 5 wave impulse move Am measuring this pullback to hunt fore more clues, be back shortly.

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Comment: quick look zoomed in on the drop looks like we are headed the 5.618, around $1498

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Comment: nice near term fib of the drop

break below 1501 should hit 1498,
break above 1503 should hit 1506
Comment: Possible Bearish outlook will look for a bullish path as well, but that seems logical at the moment.
Comment: so we ran up to the $1515 zone , overshot it a bit, and now fighting it
Looks like UK session might have to make the next move again.

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Comment: Some US-China news has brought Risk ON to the markets for now, thus the spike down. But now the $1505 previous support as been reinforced with a couple of new fibs So I expect it to kiss that zone, bounce pretty good, and then continue to breach and fall perhaps toe the $1450 support zone. '

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Comment: Just had some US-China tif-for-tat and some volatility.
Awesome reactions at the Fib Zones:

Strong forces at work but could only push between existing bands thus far.

Zoomed in, we got a spike and then a drop just now, showing two clear Waves

Beautiful Stair-Step action on the second wave.
First wave was violent, went to the 2.618 straight away.
Second wave far more controlled,
like a mine sweeper going back over to make sure they are all gone.

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Comment: Still keeping the rhythm that Rejection from the 2.382 MAY be it for the bounce. IF it is do drop more, that would be a good place to jump off of.

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Comment: my logic, (not always correct) from this pic is that the 3.382 got stabbed multiple times, I want to wait for the 4.382 below before looking for a clean ping to ride for a long maybe.

zooming out a wee bit and adding the ripples from earlier large wave

down lower around $1505 at the 5.382 is of real interest to me now.
That may also paint a "double bottom" or "inverted Head-n-Shold", etc.
Comment: well I took at long at the 5.382 at $1505 as hoped c
losed some when it hit the 4.382,
half still riding long with SL at a loss of only the profit thus far on this long.
HERO or ZERO I guess :)

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Comment: wow, got a spike and I closed the long on that good luck
that 5.382 sure seems to be doing the trick,
US CPI report out later, so am out for now.

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Yes seem the impulsive wave 1 is ending with 5 micro waves to upward. Correction is in play. See how it run as wave 2 or B wave.
Long time i did not read you but Nice charts...!
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