XAUUSD after FOMC release: Gold looking lower towards $1440 ?

19 בספט׳ 2019

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.

.

19 בספט׳ 2019

הערה

Bounce may be done here $1500 not breached. We are going into BOE rate decision news in next hour, which might tip the scales one way or the other. I am still expecting a lower low, and this may be the high before such a lower low.
.

20 בספט׳ 2019

הערה

Gold is trying to prove me wrong thus far. It has found support at the green 3.236 which happens to line up with 1500 round number. Bulls seem ready to defend it now, but let see what happens over the weekend. I am still looking for a shorting opportunity, perhaps early next week. So the higher it goes first, the better the odds of it dropping the large the profit zone. So go bulls go :)

.

23 בספט׳ 2019

הערה

I may be completely wrong on this one :(
It pierced some resistance and may be working on flipping into support.

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: There are several zones that come into focus. Lets see if we go to the next resistance or not.