Previous Week Update:
Gold followed path A then did not come for a retest and then went to follow path B. I managed to get both sides of this trade. I mostly traded Gold this week because market structure just looked prettier haha.
Monthly: Monthly closed strong bearish, but could still bounce of the support of 1270, so we will have to wait to see where NFP takes Gold in the long run.
Weekly: Weekly again closed strong bearish! It broke under support and I definitely see it going to 1270, after that we will have to wait and see how price action acts out on the lower timeframe. If it rejects then to the highs we go, if not we will see the lows, but before that test the trendline.
Daily: Daily broke support and retested it and I see it testing 1270, after that if depends if it decides to break or bounce. But 1270 looks like a nice lower low to form before either testing the previous lower highs or create another lower high. Going to be a fun week with NFP.
H4: Here we can see a clearer retest of the broken support and now looking to break out of this support and hit my target I highlighted. If price opens are resistance I will look for sells, if not I will just wait out until price action tells me up or down.
Overall Gold Analysis
It is NFP week, nothing much to say except what price action and market structure. If you understand it you will know what to do. If not then study the charts and read more about price action and market structure to prepare yourself. Everything and anything is possible during NFP week.
We will hit one of those zones and either higher or lower but since NFP week anything is possible. I see continuation of trend until it hits 1270, then range, and blow up on NFP. Let’s see if that happens! Keep it simple guys, and just plan it out. Think of every possibility and whichever path price shows you take that path!
This week take the time to observe if you are new, plan your trades if you decide to trade. Just make sure you are not unnecessary risking your account because of greed…
Again, this week could not do my weekly webinars as I was busy with 1 on 1s and with some other side things. Hopefully next week I will be able to start them, if not then the week after that. But I may just record them and upload to the respective mentor’s drives if you guys want 😊!
Telegram just search: cyimfx