Previous Week Update:

  • Before:

Gold Update

  • After:

Gold Update 1

  • Following Path A after a retest off the trendline break, however did not hit my marked confluence target, but look left and it will explain why it bounced there as well. Strong zone!

Upcoming USD News:

  • Monday –
    • Core Durable Goods Orders m/m
      • Previous – -0.5%
      • Forecast – 0.4%
  • Tuesday –
    • CB Consumer Confidence
      • Previous – 117.9
      • Forecast – 116.2
  • Wednesday
    • Yellen Speaks
    • Crude Oil Inventories
      • Previous – -2.5M
  • Thursday
    • Final GDP q/q
      • Previous – 1.2%
      • Forecast – 1.2%
    • Unemployment Claims
      • Previous – 241K
      • Forecast – 240K

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. This week will close the monthly wick, so keep an eye out. If closes strong bearish, we will fill the hanging man wick.

Gold Monthly

Weekly: Nice weekly double top rejection off a nice zone. But there was a bounce off the 1240.90 levels (left strong zone), and closing the week with a weak bullish pin bar. The coming weeks closing weekly candle should dictate where Gold wants to go.

Gold Weekly

Daily: Broke through another key level of 1260. Did not reach my confluence target but instead hit the Red line support (look left), it was a strong support and makes sense why it bounced. Looks like it created another higher high and ended Friday with a strong bullish candle. If it breaks above the pink line, we can look to fill the large wick on the left.

Gold Daily

H4: As I said it bounced off the red line, which is a strong zone if you look left. We have created higher lower on the H4 and now at a critical zone as we might be get a cleaner retest of the trendline to continue lower. If it breaks above, then we can look to continue higher. Wait and see for the reaction during Monday-Tuesday.

Gold H4

Gold Overall Analysis

  • This week UJ has been ranging but Gold has shot up. Looking at UJ it looks to be bullish as it formed a bullish pennant and broke above the monthly bullish pennant as well.
  • There is confluence with Gold and UJ, and Gold now could be looking to retest the broken trendline again before continuing lower.
  • However, just keep an eye out for the zones and how it reacts to the trendline, then you should be able to dictate where Gold wants to go.
  • Keeping it short, just watch and see. Yellen speaks next week as well, so be aware.

Predicted Movement:

Gold Prediction

  • Either path is possible for Gold, but with UJ correlation, it looks like it’s going down after another retest of the broken trendline.
  • I would wait to see where UJ breaks out of the triangle and then look to trade Gold. UJ should give a clue on where Gold wants to go.
  • Plus, if we break that pink trendline, we will go lower.
  • Please wait and don’t rush into things, let the market show you what it wants to do :D!