Previous Week Update:

  • Before:

Gold Update

  • After:

Gold Update 1.PNG

Path A beautifully played out and I hope many of you took the trade. We did not hit 1305 but we hit 1300 and had a strong rejection. Now we just have to wait to see if we bounce from this zone we are at right now or continue lower to the next zone + trendline.

Upcoming USD News:

  • Wednesday
    • Crude Oil Inventories
      • Previous: -8.9M
  • Thursday
    • Unemployment Claims
      • Previous: 232K
      • Forecast: 237K
  • Friday
    • Core Durable Goods Orders m/m
      • Previous: 0.1%
      • Forecast: 0.4%

Monthly: Monthly closed bullish and is starting to break out of the triangle, but we will need a monthly close to confirm this. For now, we look at lower timeframes.

Gold Monthly.PNG

Weekly: We have a doji weekly close (bearish) off the strong resistance that we are at. It is possible for us to be forming a triple top, but we need 1 more strong weekly close for that to be confirmed on the weekly timeframe.

Gold Weekly.PNG

Daily: Gold broke out of strong resistance 2 weeks ago, we came back for a retest and then we continued higher to test 1300. The week closed with a strong shooting star rejection, which gives us a hint that it is possible that we have a double top formation and may confirm the weekly triple top. The first target we I see sells is the double top neckline, which then I want to see a break and retest before continuation lower.

Gold Daily.PNG

H4: We strongly rejected 1300, strong historical, psychological and technical level. Right now, we are in a strong zone, but with momentum it seems we could test the trendline again or the highlighted zone to complete the double top formation. Then we wait for break and retest for an entry.

Gold H4.PNG

Gold Overall Analysis

  • Gold hit 1300 and the coming week we don’t have much news. I believe we are not breaking 1300, we will either bounce, or we will find a ranging market before NFP will be released the week after.
  • I see a nice range between 1295 ~ 1270. But we have to see how it reacts to the highlighted zone and the trendline. If both break, I will be looking for shorts and taking Gold all the way down.
  • Watch and wait, let the markets tell you what it wants to do. At the moment it is telling you nothing, so trade what you see when you see it.

Predicted Movement:

Gold Prediction

  • Any of these paths are possible, not so much path C, but this is my plan on what I hope to see in the week to come. Have a path guys, have a plan, visualize what you want to see, then when it does happen it makes it that much easier to pull the trigger and trust your analysis.

IN ADDITION:

Whoever knows how to add a booking system to WordPress please do let me know. I will be looking to take 1 on 1 sessions for 30 minutes to 1 hour to discuss any questions you guys might have about swinging or just general FX.

Have a great week to you all and THANK YOU for all the support.