Previous Week Update:

  • Before:

Gold Update.PNG

  • After:

Gold Update 1.PNG

My ranging zone was well respected and I bounced around that zone beautifully, especially after a retest of the trendline. NFP was bullish, so Gold with momentum broke the trendline and I will be waiting to see if we come back into it or we retest the trendline, which confluences with the broken support last kiss.

Upcoming USD News:

  • Wednesday
    • Crude Oil Inventories
      • Previous: -1.5M
  • Thursday
    • PPI m/m
      • Previous: 0.1%
      • Forecast: 0.1%
    • Unemployment Claims
      • Previous: 240K
      • Forecast: 244K
  • Friday
    • CPI m/m
      • Previous: 0.0%
      • Forecast: 0.2%
    • Core CPI m/m
      • Previous: 0.1%
      • Forecast: 0.2%

Monthly: Monthly closed bullish but hasn’t properly broken out of its ranging zone. We will either see a clean break by the end of the month or will look to test the bottom triangle support.

Gold Monthly.PNG

Weekly: We had a bearish weekly close, possible lower high but it was not a bearish engulfing. The coming weeks close will give us a stronger direction of where the weekly price action wants to go.

Gold Weekly.PNG

Daily: Daily consolidate at resistance and last kissed a broken trendline. I see gold bear because of this and my targets are highlighted. That additional trendline will also be a nice support. If we break that we will likely see 2nd and 3rd target.

Gold Daily.PNG

H4: Here we can see a strong trendline break then we hit support. I am hoping for a retest of the trendline before continuation lower. This is confluence between broken support being retested, trendline retest, and a possible right shoulder forming, completing our H&S formation. If it does break 1255 however, for the bear trend to be confirmed I was to see the highlight previous HL to be taken out.

Gold H4.PNG

Gold Overall Analysis

Predicted Movement:

Gold Prediction.PNG

  • As I said earlier, I see a possible right shoulder forming if previous support and broken trendline is retested, and will look to take the trades to my highlighted zones on the daily.
  • I would recommend waiting till Tuesday before adding any trades. This will allow the market to create more candles after NFP and give you a better idea on which direction the USD wants to go.

 

IN ADDITION:

  • I will be doing weekly webinars to go over analysis for the coming week and talk about the basics of swinging and what you should do.
  • Whoever is interested in joining, please e-mail cabinyim@hotmail.com and tell me what time and day would be best for you guys. Then I will try make it work.
  • Have a great week to you all and THANK YOU for all the support.