XAU.USD near term UPDATE: Target Zones on 15 min chart

Quick plot to map the remainder of this drop.
I have been waiting for this drop and finally happened.
Steep drop was a clear "wave 3" with "wave 5" to come.

1510.70 - 1511.95 "should" be strong resistance.
If not, then sentiment is less bearish than plotted.
1516.45 - 1516.85 break would invalidate the count.

Previous Gold Analysis (click):
$1555 top call<= Just in Time
$1406 to $1525<= Awesome Long
$1450 top call
$1386 bounce
$1400 bounce
$1439 top call<= To the Penny
$1332 bounce
$1320 top Call
$1270 bounce
$1280 break
$1380 call <= 5 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.

تعليق:

Ping on the bottom boundary of first resistance zone

lets see the reaction. Just the pause exactly at the line says the zone is being recognized.

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We did get a bit of a rejection exactly where expected

Ideallly, this would come all the way back to green support zone at $1504. Lets see what EU and UK do with it.

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Following the plotted path quite nicely

But here is where it could bounce and foil the count ...

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What "should be strong resistance" on the chart has proven strong resistance

The "path of least resistance" looks downward, given the downward spikes which will have chewed up orders.

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Target hit, EXACTLY

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Zoomed in

we see the recognition of each plotted zone. Now bulls needs to get past $1499 - 1500 round, or risk being trapped under for some time.

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Based on the weak bounce from my initial target, I am thinking another small leg down, to complete wave 5 at around $1492

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Ping. Extended target hit as forecast in last update just above

Now we should see a decent bounce, if the 5 waves are done.

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So last week ended with a perfectly executed 5-wave retrace

We should be starting a decent bounce. Whether to resume uptrend, or just a correction of this drop, that will need to be seen as the bounce develops (IF it develops). Overall I think we are headed to $1450. But lets see what risk sentiment does as US opens the week.