Previous Week Update:

  • Before:

Gold Update 1

  • After:

Gold Update

  • Followed the overall prediction from the analysis before, and I still have the same target at 1305 or at least 1295 for the wick fill but I am looking for a higher high.

Upcoming USD News:

  • Monday –
    • Revised nonfarm productivity q/q
      • Previous – -0.6%
      • Forecast – -0.6%
    • ISM Non-Manufacturing PMI
      • Previous – 57.5
      • Forecast – 57.3
    • Wednesday –
      • Crude Oil Inventories
        • Previous – -6.4M
      • Thursday –
        • Unemployment Claims
          • Previous – 248K
          • Forecast – 241K

Monthly: Previous week ended with a sort of bullish pin bar with a small body. We are coming to the monthly triangle resistance. Will be interesting to see if we break through this area.

Gold Monthly

Weekly: Another strong weekly bullish close. With the current momentum and the weak USD, the wick fill targets are even more likely. Keeping it simple, I will look for a wick down to take positions for a future body. Visualizing a bullish body.

Gold Weekly

Daily: Daily broke through the bullish flag resistance and retested it continuing higher to my target area of 1305 for a higher high (passive target). 1320-1380 (aggressive target).

Gold Daily

H4: There is a clear respect for the trendline and confirming the weekly and daily targets with the momentum it has gained after the NFP results. We should see a slight pullback before continuing higher.

Gold H4

Gold Overall Analysis

  • Gold is continuing to look bullish and I am still holding my position from 1229 with SL move to 1255 now.
  • The next week does not have any major news that would affect the USD in the long run, any good news for the USD will give our overall bullish run more fuel. So, I will wait for exhaustion at the major zones to get some longs to swing to my targets stated above.
  • I would highly recommend people not in positions to wait for a pullback, and if it doesn’t pullback, just wait. As any entries when the market open would have a horrible risk to reward ratio in my opinion (for swing traders).

Predicted Movement:

Gold Prediction

  • All I see is a certain 1290 this week, not sure how far the pullback will be but every path is a possibility. I will wait and see for all the zones to see where there is exhaustion to further long it.
  • The confluence zone would be a perfect area to add longs, but will have to wait and see if it even gets there.