Quick plot to map nearby Zones of interest and possible pathway. We should see a little bounce here, around the 1555 price point. That is a key fib cluster, which if breaks will bring lower lows.
1553-55 is the key zone, better at least bounce a bit, if not turn it. 1540-43 is next support, but a minor fib and already pierced once. 1525-28 seems likely, and another minor support that should react. 1516-17 is quite plausible given the velocity and momentum so far. 1501-02 is of course the psych no. that bulls MUST hold at all costs.
Previous Gold Analysis (click): <= Still Plausible <= Awesome Short <= Just in Time <= Caught the Jump <= To the Penny <= To the Penny <= 9 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.
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Early Update
Getting a wee bit of a bounce in Asia session
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Zoom IN (5min) Bounce is not looking like much yet. Maybe UK will have to make the decision at this zone. But I think it will hold till then.
That line at $1555.14 is a "biggie", part of this high tf fib (weekly since 2006).
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SUMMARY: - It is POSSIBLE that 1555 holds, but looking unlikely for now. - If it breaks, we should see a pretty fast drop to next support. - If it holds, (and news helps) we might start the next wave upwards.