Friends, please hit the LIKE to encourage these publications. Between mod duties and my own trades it is not easy to post. This is part of my ongoing analysis of Gold moves (links below).
Wow, what some crazy moves we have seen in last 2 days. Friday asset liquidation hit everything including our Precious. We got a "relief" bounce on Monday, but looks like more down.
$1596-1599 is MAJOR resistance we are currently fighting. $ 1611-1613 is Minor resistance but may have done the job. $1619-1623 is the the target for wave 4 if is not done yet.
$ 1586-1588 is nearby support, till not bounce it again. $ 1576-1579 is the Last good support before 1555 below. $ 1548-1549 is the back stop in case of 1555 breach.
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Previous Gold Analysis (click): <= Still Plausible <= 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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FED Emergency Rate Cut
LOL, so much for this plan Fed just issued an "emergency", un-scheduled rate cut of 50 bps.
25bps was expected, but at the upcoming MEETING. This was out of the blue. This will take some time to digest.....
Excellent as usual.
Take heart, you mapped the top of the kneejerk spike at 1646. Your spx analysis shows the c wave forming. I think 2800 will go shortly and take gold with it. I think in the age of cross collateralised leveraged portfolios common in private bank clients forced liquidation of other assets incl gold is a given. So as spx cut through 3000 gold could not hold 1646 and I think you just revert to your original target of 1555. Does that make sense?
Take heart, you mapped the top of the kneejerk spike at 1646. Your spx analysis shows the c wave forming. I think 2800 will go shortly and take gold with it. I think in the age of cross collateralised leveraged portfolios common in private bank clients forced liquidation of other assets incl gold is a given. So as spx cut through 3000 gold could not hold 1646 and I think you just revert to your original target of 1555. Does that make sense?