EuroMotif

XAU.usd topped exactly as expected. Gold Retrace Targets, 1600 ?

OANDA:XAUUSD   Gold Spot / U.S. Dollar
Quick post to present support zones of interest.

Gold topped exactly at a strong confluence of fibs.
At the same time stock markets have gone "risk on".
Stocks likely to climb for a week, thus Gold goes down.

Bold Green Lines are from very high timeframe Fib (weekly).
Other lines are from lower timeframe fibs (daily and hourly).
Blue series on right is the "Local" fib of developing wave down.

If you seeing Blurry numbers, that is a TV rendering bug.
Click here for a Snap Shot, hopefully with clear numbers.

Previous Gold Analysis (click):
Apr 13, 2020: $1747 Top Call <= within 10 cents!
Feb 25, 2020: $1565 Retrace Plot
Feb 24, 2020: Grand Impulse Redux
Jan 09, 2020: $1650-1750 Tragetted
Nov 18, 2019: $1430 Targetted
Oct 25, 2019: $1516 Top Call
Oct 14, 2019: $1498 top call
Oct 03, 2019: $1650 then $2100?<= Still Plausible
Oct 11, 2019: $1480 short TP
Sep 04, 2019: $1555 top call<= Just in Time
Jul 19, 2019: $1406 to $1525<= Caught the Jump
Jun 24, 2019: $1439 top call<= To the Penny
Jun 17, 2019: $1332 bounce
Apr 04, 2019: $1270 bounce<= To the Penny
Apr 16, 2019: $1280 break
Mar 03, 2019: $1380 call <= 1 year 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: ( ( Ping ) )

First Target Hit EXACTLY
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Zoom IN (15 min) for a closer look at the Target zone 2 fibs there, thick green 6.0 from very high tf fib, and thin blue 2.236 from small tf fib. Looks like the blue 2.236 was the final spring board.

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Zoom IN more (5 min) and adding a fib for today's drop This will be worth watching to see how high it bounces.

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Extending above blue fib Its 4.236 is in tight confluence with bottom bound of existing support zone.
So it is likely we will hit the bottom bound , $1663/64.

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SUMMARY:
- 1st Target reached EXACTLY, but likely to hit the LOWER bound of that zone.
- US employment report was incredibly good, so market went Risk-Off today.
- Sentiment likely to continue for another week at least, so Gold may well seen 2nd target neat $1600


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Comments

Gold has high probability to test the resistance twice, so, i watch over it and enter my position :)
+2 Reply
What are you thoughts on Silver? lot of catching up to do in my opinion.
Reply
what about 1637-1641? looks good area to me
Reply
EuroMotif salvanost
@salvanost, Hmm, I dont have much at 37, but that doesnt mean it cant bounce there.
My map as 1628-30 as a good support that should react.
Reply
Interesting you don't think we can bounce off the 1694-1703 zone for a rally high to 1795-1805?
Reply
EuroMotif chartingman43
@chartingman43, Hi, yeah, likely 1700 will cause a bounce, perhaps even as high as 1750 for a "wave B" bounce with wave C down to follow.
Overall I think we are due for a meaningful correction, given the "risk on" sentiment that will probably last the rest of this week.
Of course, no one can say for sure, and risk sentiment could change the next minute, so I use my zones are landmarks, for gauging momentum.
Reply
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