Previous Week Update:

  • Before:

Gold Update 1

 

  • After:

Gold Update

  • Following path B, but the retracement was higher than I expected. Looks like we on target to the highlighted zone.

Upcoming USD News:

  • Wednesday –
    • Crude Oil Inventories
      • Previous – -1.7M
  • Thursday –
    • Unemployment Claims
      • Previous – 237K
      • Forecast – 241K

Monthly: Previous week ended with a sort of bullish pin bar with a small body or hanging man. Looking to fill a possible hanging man wick.

Gold Monthly

Weekly: Nice weekly double top rejection off a nice zone and looking for a possible retest of that confluence zone (monthly broken trendline resistance as a last kiss and weekly trendline.

Gold Weekly

Daily: Broke through another key level of 1260. I see the confluence zone as a nice target. 1235 (aggressive target) and 1242 (passive) and 1215 (super aggressive!).

Gold Daily

H4: Again, broke very strong support and trendline. Looking for a retest of the trendline then I think it will continue down. Target looking very likely. Plus bearish flag!

Gold H4

Overall Gold Analysis

  • Yellen Hawkishness + Rate hikes strengthened gold and Gold technicals showing further move down to the target highlights.
  • Just waiting for price action and take a calculated swing <3.
  • Watch for UJ for confluence, since Gold shows down, there is a possibility UJ may break up!

Predicted Movement:

Gold Prediction

  • Path A is the most likely but B is also as USD data is weak! So we will have to wait and see what happens, since this week there is not much news except unemployment claims. If that turns out to be bullish, then I think it will be the catalyst to drop gold.