Previous Week Update:

  • Before:

Gold Before

  • After:

Gold After

  • Analysis was beautifully followed, A followed amazingly. Bounced off after filling the wick at 1295. Now testing the trendline, unsure if it is broken, so will have to wait for more market structure.

Upcoming USD News:

  • Tuesday –
    • PPI m/m
      • Previous – 0.5%
      • Forecast – 0.1%
    • Wednesday
      • CPI m/m
        • Previous – 0.2%
        • Forecast – 0.3%
      • Core CPI m/m
        • Previous – 0.1%
        • Forecast – 0.2%
      • Core Retail Sales m/m
        • Previous – 0.3%
        • Forecast – 0.2%
      • Retail Sales m/m
        • Previous – 0.4%
        • Forecast – 0.1%
      • FEDERAL FUNDS RATE
        • Previous – 1.00%
        • Forecast – 1.25%
      • Thursday –
        • Unemployment Claims
          • Previous – 241K
          • Forecast – 245K
        • Friday –
          • Building Permits
            • Previous – 1.23M
            • Forecast – 1.25M

Monthly: Week ended with a bearish pin bar after filling the monthly wick. The previous monthly candle can be seen as a hanging man instead of a doji, so we may look to fill the wick on the down side now. Confluence with rate hikes.

Gold Monthly

Weekly: We have a bearish pin bar weekly close after filling the monthly wick and testing the previous highs at 1295. Almost an engulfing pattern + a double top peak possibility. May go down lower to fill the monthly hanging man wick.

Gold Weekly

Daily: Price tested 1295 and filled the monthly wick and dropped. Forming the double top peak, and nice confluence with weekly bearish pin bar. Reaching strong support now, so will have to wait for price action. If broken lower we may test the confluence zone of bullish trendline and the bearish weekly trendline.Gold Daily

H4: Price at H4 trendline, need to wait for further price action. But we have formed a double top peak and if broken the downside the target drawn would be perfect for a swing.

Gold h4

Gold Overall Analysis

  • Gold is looking bearish after a double top formation, have to wait on further price action but there is confluence with technical to go to test the double top neckline because of the interest rates hikes later this week.
  • Keep an eye out for price action, I will be closely looking for the trendline bounce or break before entering any positions, if it breaks down I will swing it to my target area.

Predicted Movement:

Gold Prediction

  • Lots of uncertainty with NFP being bad and rates supposed to be hiked. Technicals show downside to me, whilst UJ technical show downside also, so I am waiting patiently to see which pair looks more appealing.
  • Both A and B looks very appealing for a swing trade. Waiting for PA! Patience is key my friends.