Gold Spot / U.S. DollarUpdated XAUUSD in a Tripple Bottom or break ? Gold in Trouble
Followup to my ongoing analysis of Gold.
Admittedly I have been a bit off recently.
Generally good on Direction but messy on entries.
Gold bulls are clearly up against the heat here.
Many traders do not belive in "Tripple Bottoms".
Each time a support is tested, it gets weaker.
If the bottom breaks, I see a few support zones of interest.
But first a "Dead Cat Bounce" to 1290 or 1300 retest is likely.
The amount of buying left at current price will be telling.
1267/70 is a realistic target of leg (E).
1250/40 will be Bull's Last Stand.
.
Previous Analysis:
Short call (a bit early)
Long call (under estimated)
Long term I still see one more leg up
Admittedly I have been a bit off recently.
Generally good on Direction but messy on entries.
Gold bulls are clearly up against the heat here.
Many traders do not belive in "Tripple Bottoms".
Each time a support is tested, it gets weaker.
If the bottom breaks, I see a few support zones of interest.
But first a "Dead Cat Bounce" to 1290 or 1300 retest is likely.
The amount of buying left at current price will be telling.
1267/70 is a realistic target of leg (E).
1250/40 will be Bull's Last Stand.
.
Previous Analysis:
Short call (a bit early)
Long call (under estimated)
Long term I still see one more leg up
Note
We have a breach of support. Shown here is a smaller TF fib not included on live chart above (to reduce clutter) .
Note
That spike below support could be a "Stop Hunt" or a "Bear Trap" given the perfect reaction to the 10.236 .
Note
So much for the bear trap? Anyway, we have hit first possible support .
Note
Broke second support as well. Early NY session, lets see if that is the low for the day .
Note
This fib of last leg down has its Band 9 right around the next target .
the Golden Ratio is my Religion
the Trading View is my Nation
the Moderator Tag is my Flag
the Trading View is my Nation
the Moderator Tag is my Flag
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
the Golden Ratio is my Religion
the Trading View is my Nation
the Moderator Tag is my Flag
the Trading View is my Nation
the Moderator Tag is my Flag
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.