Previous Week Update:
Gold followed path B nicely but instead of bouncing I think it will be going down lower to 1300 for a daily retest. We will have to wait and see how the news plays out this week with the Fed Fund Rates.
Monthly: Monthly closed extremely bullish, and currently rejecting a monthly resistance. After the Fund Rates we will have to see how the monthly closes.
Weekly: We closed with a bearish engulfing of the previous weeks candle and is a possible triple top confirmation, and I am looking for price to go to the 1300 levels or the trendline I drew. Fed Fund Rates will decide our fate this week.
Daily: Looking for a target 1300 for an empty space fill and retest of market structure on the daily timeframe. I will be looking for exhaustion around that level for further possible longs, but we will see how price action is.
H4: Here is a reason why I am looking for shorts to 1300 for possible retest before longing. We broke support and retesting broken support which became our new resistance, which was also H4 previous higher low. Plus, we broke trendline and retested and formed a double top. But I will be treading lightly this week with the heavy news.
Gold Overall Analysis
Overall USD is all over the place, and this week we have Fed Fund Rates, so my advice this week is tread lightly. Get in and out, use pending orders and when in profit and you want to swing put your SL in profits before the news. Plus watch price action at key S&R.
I see both Paths possible. Just depends on price action. Not saying much. Heavy news and could be spike everywhere. We will see how it goes. Stay safe lovelies.
Have a great week to you all and THANK YOU for all the support.
I have started my weekly webinar this weekend on analyzing USDJPY and Gold, and are uploaded to the FX family member drives and to my students.
Link will be posted in the groups, on IG and on Telegram.
Link for Telegram is here: