XAU.USD nearing Key Resistance zones: Gold to pull back soon ?

14. Apr. 2020

Quick post to give a "heads up" for upcoming resistance zones.

NOTE: If you see blurry numbers, that is a TV bug, not on purpose.
Click here for a SnapShot, hopefully with CLEAR numbers at zones.

Gold's historic move has been a sight to behold, ever since it broke $1350
Price is now approaching key resistance zones where a retrace could start.
Fundamentally, Covid fears are "plateauing" and stocks are still recovering.

All in all, I still very bullish , looking for $2100 eventually.
But we are due for profit taking and some consolidation.
Coming up are two ideal checkpoints from which to rest.

1726.10 - 28.50 could end the last wave up (green fib series).
1743.16 - 47.78 is where several waves could end (high tf fibs).
1757.00 - 57.90 could be an upthrust before retrace (stop hunt).

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Previous Gold Analysis (click):
Mar 18, 2020: $1460 Bounce
Feb 24, 2020: $1690 Top Warning
Jan 09, 2020: $1650-1750 Targeted
Nov 18, 2019: $1430 Targeted
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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14. Apr. 2020

Anmerkung

Ping

Precise hit on 1 resistance zone

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Zoom IN (5 min) for a closer look at the touch PERFECT! nice exact relflection.

Now, is that the top? hard to say.
But IF we are near a top, THAT will make for a perfect one.

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15. Apr. 2020

Anmerkung

Another Perfect Ping

Precise touch of 2nd Resistance zone

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Zoom IN (5min) for a closer look WOW

WOW

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15. Apr. 2020

Anmerkung

opped or no?

Fib of the Pullback wave (3min)

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Zoom OUT (5min) with the pullback fib in Red, added to original zones

Helps to focus the near term RoadMap to in both directions

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SUMMARY:
- we may well have topped at 1747
- but the little correction might be DONE
- watching 1726.0 to 28.5, break above could bring new highs

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15. Apr. 2020

Anmerkung

Pullback Continues

And looks to be accelerating. Lets see if the nearby support zones in Green do anything, at least slow it down maybe.

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17. Apr. 2020

Anmerkung

Update Starting where we left off above, in last Snapshot ^^

The 1709/10 zone put up a very good support, with several bounces including a strong one to 1739

But that turned out to be a "wave B" bounce, and then "Wave C" down began The existing support zone around 1674/78 looks like a good target for Wave C, at least right now.

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HOWEVER, zooming out to 1h, we see that wave C could easily go on support deeper and THAT would be the "textbook" retrace of the last Impulsive wave (12345), coming back to the wave 4 zone.

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SUMMARY:
- Pullback proceeding in a controlled and expectable manner.
- Minimum target is 1675, likely 1645 to be hit
- All signs are still very bullish, just a "healthy" correction thus far.

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20. Apr. 2020

Anmerkung

Early Monday Update

Following up to the last pic just above, we have this the first target for wave C. But the zone was pierced, as the green 1.618 could not hold it.

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Re-Calibrating the fib for the leg down (red fib) indicates three possible support zones.
Red 3.236 has remote chance of being the bottom.
Red 3.618 is more likely to give a significant bounce.
Red 4.236 is the MOST LIKELY target and possible bottom.

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SUMMARY:
- Weekend Open in Asia and EU sessions continued the pullback.
- $1650 looks very likely to be tested and could end retrace.
- Would be perfect to hit 1650 just before NY open (3 hrs to go).
- IF we hit target my then, we have a very good chance of major bounce.

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