Much capital was waiting for FOMC rate decision to be deployed.
Markets seem to treating the .25% reduction as a "Hawkish Cut".
Thus Gold and non-interest bearing assets dropped on the news.
Gold was already postured to correct and now it seems inevitable.
Plotted is a possible "ABC", which had good "EW Structure" thus far.
How deep this correction reaches will be telling for overall strength.
Previous Gold Analysis (click):
$1555 top call
$1406 long to $1525
$1450 top call
$1386 bounce
$1400 bounce
$1439 top call
$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.
.
Markets seem to treating the .25% reduction as a "Hawkish Cut".
Thus Gold and non-interest bearing assets dropped on the news.
Gold was already postured to correct and now it seems inevitable.
Plotted is a possible "ABC", which had good "EW Structure" thus far.
How deep this correction reaches will be telling for overall strength.
Previous Gold Analysis (click):
$1555 top call
$1406 long to $1525
$1450 top call
$1386 bounce
$1400 bounce
$1439 top call
$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.
.
Note
Bounce may be done here .
Note
Gold is trying to prove me wrong thus far. .
Note
I may be completely wrong on this one :( Looking closer ((15 min tf) there is a clear "Pulse" or "Rhythm" to this bounce (blue fib).
Now putting that small tf Blue fib on the bigger picture:
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.
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.