Previous Week Update:

  • Before:

Gold Update

  • After:

Gold Update 1

We touched 1205 but bounced up from that level with all the fundamental news that occurred the past week. Be creating higher lows and broke through with weak USD news, so it is entirely possible we can swing this all the way up to the highs of 1295, but depends on the broken daily trendline. Explained below.

Upcoming USD News:

  • Wednesday
    • Building Permits
      • Previous: 1.17M
      • Forecast: 1.20M
    • Crude Oil Inventories
      • Previous: -7.6M
  • Thursday
    • Unemployment Claims
      • Previous: 247K
      • Forecast: 245K

Monthly: Strong close on the monthly candle as a bear. We filled the hanging man candle and now we are retracing, it is still possible to test the lower trendline but we have to go to the lower timeframes.

Gold Monthly

Weekly: Strong weekly bullish close, and close retest to the broken trendline retest, even though there is still more room up. However, the targets are still valid as long it stays under the broken trendline, and the double top neckline.

Gold Weekly

Daily: We created a lower low and may test the broken trendline to create a lower high before continuing lower to my lower targets. Just depends on how it reacts to it, either break or bounce.

Gold Daily

H4: We tested 1205, created a Head and Shoulders formation and continued higher, we also have a nice 3rd bounce before the news on Friday and flew up, broke the resistance and may have already retested. I have my eyes on 1240 as a strong zone for a retest before possibly continuing lower, as there is empty space on the left.

Gold h4

Gold Overall Analysis

  • Yellen = Bullish USD
  • Data = Weak USD
  • Technicals = depends on this trendline, break or bounce.
  • Price action, wait and snipe!

Predicted Movement:

Gold Prediction

  • With Gold I see many possibilities, right now Gold is still bearish but it is still entirely possible to go all the way up to 1295, but we just have to wait and see how it all reacts.
  • I will be waiting closely to see what I can do.
  • Will look to scalp and take them into swings if opportunity arises.