Updated

XAUUSD in a Tripple Bottom or break ? Gold in Trouble

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.

.

Previous Analysis:

Short call (a bit early)

XAUUSD short Idea: Gold scalp to swing trade opportunity

Long call (under estimated)

XAUUSD to Bounce then Lower Low? Gold double bottom wont hold ?

Long term I still see one more leg up

XAUUSD retrace watch: Gold has one more leg UP ?

Note

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.

.

Note

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.

.

Note

So much for the bear trap? Anyway, we have hit first possible support

watching closely

.

Note

Broke second support as well. Early NY session, lets see if that is the low for the day

Note

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.

.

EuroMotif

the Golden Ratio is my Religion
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.

EuroMotif

the Golden Ratio is my Religion
the Trading View is my Nation
the Moderator Tag is my Flag