XAUUSD retrace UPDATE: Gold to retest 1400 now
Updated
Update to my ongoing analysis of Gold (see links below).
So we topped exactly at a strong resistance zone previously plotted.
After hitting the top we saw immediate profit taking, but no bears.
Until late in US session when Fed Govs clarified rate cut possibilities.
The downward momentum was already in place when the news came out.
That news caused an immediate dip, auto-rally bounce, and now resuming.
Lets see how much premium was based on a 50 bps rate cut. (now 25 bps).
1411 might still cause a stall or small bounce.
1405 looks highly likely to be reached soon.
1400 retest is probable and would make sense.
Previous Gold Analysis:
$1439 top call
$1332 bounce
$1320 top Call
$1270 bounce
$1280 break
$1380 Targeted <= 4 mos ago
See some of my other Forex calls below.
I also plot Crypto and some Stocks, check my Profile Page.
EUR.USD long call (scalp that ran hard)
USD.CAD top Call (warning just in time)
EUR.USD top Call (perfect top, still in play)
GBP.USD dip Call (just in time, quick 70 pips)
Silver Bounce scalp (Perfect entry, still in play)
DXY topping call (Upthrust warning just in time)
SPX recent top (Fib extensions at work)
XAU.USD long to short (recent perfect entries)
USD.JPY short to long (recent perfect entries)
EUR.USD long term Short (the very tippy-top a year ago)
AUD.USD long term Short (almost at a long term target now)
Of course, I have had total FAILS on some plots also, not going to pretend.
But my plans offer PRECISE entries, TIGHT stops, and EXACT take profits.
Precision is the way of the Fib. Almost every turn happens at a Fib Line.
So we topped exactly at a strong resistance zone previously plotted.
After hitting the top we saw immediate profit taking, but no bears.
Until late in US session when Fed Govs clarified rate cut possibilities.
The downward momentum was already in place when the news came out.
That news caused an immediate dip, auto-rally bounce, and now resuming.
Lets see how much premium was based on a 50 bps rate cut. (now 25 bps).
1411 might still cause a stall or small bounce.
1405 looks highly likely to be reached soon.
1400 retest is probable and would make sense.
Previous Gold Analysis:
$1439 top call
$1332 bounce
$1320 top Call
$1270 bounce
$1280 break
$1380 Targeted <= 4 mos ago
See some of my other Forex calls below.
I also plot Crypto and some Stocks, check my Profile Page.
EUR.USD long call (scalp that ran hard)
USD.CAD top Call (warning just in time)
EUR.USD top Call (perfect top, still in play)
GBP.USD dip Call (just in time, quick 70 pips)
Silver Bounce scalp (Perfect entry, still in play)
DXY topping call (Upthrust warning just in time)
SPX recent top (Fib extensions at work)
XAU.USD long to short (recent perfect entries)
USD.JPY short to long (recent perfect entries)
EUR.USD long term Short (the very tippy-top a year ago)
AUD.USD long term Short (almost at a long term target now)
Of course, I have had total FAILS on some plots also, not going to pretend.
But my plans offer PRECISE entries, TIGHT stops, and EXACT take profits.
Precision is the way of the Fib. Almost every turn happens at a Fib Line.
Note
Making steady progress towards first target. Albeit it is Asia session and lowish volume .
Note
1411 was an important support to have lost1405 next stop
.
Note
Ping ... first target hit exactly .
Note
1405 is putting up a good fight in Asia session .
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