Upcoming USD News:
- Wednesday: Crude Oil Inventories (Still unsure about the effect on the FX markets)
- Previous -1.8M
- Thursday: Unemployment Claims Â
- Previous 232K
- Friday: Core Durable Goods Orders m/m
- Previous 0.0%
- Friday: Prelims GDP q/q
- Previous 0.7%
Monthly: Still current bearish candle, but the previous week’s losses were regained. Downside still possible to fill wick, if not then we will be looking to fill the previous month’s top wick.
Weekly: Doji weekly close. Could go either ways. (Usually after a doji, there is continuation when not at resistance or support)
Daily: Daily rejection off bullish trendline. Nice wicks to fill on the left side towards 1235 zone.
H4: Following a strong bullish trend line, creating a sort of ascending triangle. Most likely to break upwards. In addition, momentum favor that weekly wick fill.
Gold Overall Analysis
- Gold seems to have created a lower high on the daily/weekly timeframe and looks to continue higher.
- With the current momentum, it is entirely possible that we break that ascending triangle upwards, and will then last kiss the broken resistance.
- However, with Trump news over the weekend, I highly recommend waiting till Tuesday to see what Monday’s market structure clues it leaves.
- Overall, looking at weekly we are looking to continue our way towards 1300 price level after creating the lower low.
- If, it stays below the 1260 levels then we can be confident it may be a daily head and shoulders formation forming. So, heads up for that. AND, the triangle formation break.
Predicted Movement (Daily TF):
- A would be the most likely route for price
- But, as Trump secured a multibillion deal over the weekend we may gap and possibly follow B and C.
- Just keep an eye out of the levels posted and breaks of the formations.