Previous Week Update:

  • Before + After: (deleted my before photo -.- ) – You can check on previous week prediction

Gold Update 1.PNG

Gold followed path A beautifully. Now I am waiting for market structure and price action to tell me if price wants to bounce off this strong broken resistance to support.

Upcoming USD News:

  • Tuesday
    • CB Consumer Confidence
      • Previous: 122.9
      • Forecast: 119.6
    • Fed Chair Yellen Speaks
  • Wednesday
    • Core Durable Goods Orders m/m
      • Previous: 0.6%
      • Forecast: 0.2%
    • Crude Oil Inventories
      • Previous: 4.6M
  • Thursday
    • Final GDP q/q
      • Previous: 3.0%
      • Forecast: 3.1%
    • Unemployment Claims
      • Previous: 259K
      • Forecast: 269K

Monthly: Monthly is looking like it is rejecting the monthly resistance and we could potentially go to the red line for a retest before continuing higher. But since it does not give too much information we have to go on the lower timeframe. (Monthly is closing this week).

Gold Monthly.PNG

Weekly: Weekly was rejected last week and had a nice drop and hit my target of the area 1295-1305. I closed all positions at 1305 to be safe, but analysis played out beautifully. Market structure is key! Now I wait to see if price action tells me if it wants to bounce off this area, which I am most likely seeing, but who knows.

Gold Weekly.PNG

Daily: We hit my zone and now price isn’t telling us much, we have to wait and see if it wants to bounce of this broken resistance to support, which I think it will because HTF S&R is usually always respected!

Gold Daily.PNG

H4: Here you can see our bear run in more detail, all the red S&R are key levels, if it closes above or below we will go that way, we also can potentially look at the trendline for a test, but if it breaks we will most likely go higher, but watch market structure. Our move higher will be 100% confirmed if previous lower high is broken and comes down to create a higher low. Going to be very interesting, but it’s looking like a nice long to me, anything could happen though so keep an open mind!

Gold H4.PNG

Gold Overall Analysis

We reached a broken resistance to support, now all that is left is to watch price action and determine for yourself if it wants to go up or down. We may range around the current price level and 1290, but where ever we close above we should go that way. Look at the comments above to get a better idea on what to look for a long or short trade.

Predicted Movement:

Gold Predictions

All paths possible, just watch price action, can’t say too much since its simple. Plus, most of the details have been explained above.

In Addition:

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

Sorry I couldn’t do the weekly webinar, I was busy all week with family so was away. But I should be continuing as usual next week, but I still haven’t decided what time exactly I will be starting it. All students of mine or the FxFamily will get it uploaded to the respective drives! J

Telegram just search: cyimfx