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.
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Previous Analysis:
Short call (a bit early)
Long call (under estimated)
Long term I still see one more leg up
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We have a breach of support. Shown here is a smaller TF fib not included on live chart above (to reduce clutter) but we can see a bit of reaction to the 10.236, thus confirming the Fib's continued influence.
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That spike below support could be a "Stop Hunt" or a "Bear Trap" given the perfect reaction to the 10.236 If so, then we will see a bounce now, to retest 1300 from the underside.
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So much for the bear trap? Anyway, we have hit first possible support watching closely
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Broke second support as well. Early NY session, lets see if that is the low for the day
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This fib of last leg down has its Band 9 right around the next target Band 9 is often the end of moves. Usually the 9.618 but in this case the 9.236 might since is within higher tf support zone.