Previous Week Update:

Gold Update

  • Following Path A beautifully

Upcoming USD News:

  • Tuesday – CB Consumer Confidence
    • Previous – 120.3
    • Forecast – 120.1
  • Wednesday – Pending Home Sales m/m Â
    • Previous – 0.8%
    • Forecast – 0.7%
  • Thursday –
    • ADP Non-Farm Employment Change
      • Previous – 177K
      • Forecast – 181K
    • Unemployment Claims
      • Previous – 234K
      • Forecast – 239K
    • ISM Manufacturing PMI
      • Previous – 54.8
      • Forecast – 54.7
    • FRIDAY –
      • Average Hourly Earnings m/m
        • Previous – 0.3%
        • Forecast – 0.2%
      • Non-farm Employment Change
        • Previous – 211K
        • Forecast – 196K
      • Unemployment Rate
        • Previous – 4.4%
        • Forecast – 4.4%
      • Trade Balance
        • Previous – -43.7B
        • Forecast – -45.5B

Monthly: Price has gone higher compared to last week and there is a strong possibility of filling the previous monthly tops wick with the price action on the lower timeframe.

Gold Monthly.PNG

Weekly: Strong weekly close indicating that the monthly wick fill range is very likely and the 1135 wick fill may occur in the next few weeks as well. From last week, the range was filled beautifully.

Gold Weekly

Daily: Daily broke the bearish trendline, and has retested it and propelled higher. The square market target is my next area I will be looking at.

Gold Daily

H4: Confirming the daily timeframe, we can see we have retested the broken bearish trendline and have created a bullish flag and broke it upwards. Confirming gold new bullish move.

Gold H4

Gold Overall Analysis

  • We can be certain that Gold is looking very bullish after breaking the bearish trendline and retesting it to then forming a bullish flag and breaking upwards. However, again since its NFP week please be careful. We may find a resistance at 1272, but overall I see 1280 at least, where if that breaks we will break 1300 soon!

Predicted Movement:

Gold Prediction

  • Likely to follow path B as I always like to have a rested of any broken structure to signal its continuation.
  • Should wait till market open, and I won’t do anything with my positions till around Wednesday, and won’t enter any new positions until Tuesday.
  • It is all about the patience game and waiting to see how everything turns out.