Previous Week Update:

  • Before

Gold Update.PNG

  • After

Gold H4.PNG

Followed B beautifully. I traded gold because it looked prettier whilst UJ was just ugly.

Upcoming USD News:

  • Thursday
    • FOMC Meeting Minutes
    • PPI m/m
      • Previous: 0.2%
      • Forecast: 0.4%
    • Unemployment Claims
      • Previous: 260K
      • Forecast: 255K
    • Crude Oil Inventories
      • Previous: -6.0M
  • Friday
    • CPI m/m
      • Previous: 0.4%
      • Forecast: 0.6%
    • Core CPI m/m
      • Previous: 0.2%
      • Forecast: 0.2%
    • Core Retail Sales m/m
      • Previous: 0.2%
      • Forecast: 0.9%
    • Retail Sales m/m
      • Previous: -0.2%
      • Forecast: 1.5%

Monthly: Monthly rejecting monthly support of 1260 which might just be our retest for the triangle breakout but we can’t be 100% be certain. Look at lower timeframes.

Gold Monthly.PNG

Weekly: As you see here we almost hit 1260 (missed my TP and hit my SL at breakeven whilst I was driving ☹). And formed a bullish pin bar, but the bullish trendline is not confirmed. This week closes strong bullish, I will be longing gold to 1400.

Gold Weekly

Daily: Here you can see we tapped 1260 and had a strong bullish close, let’s if we have another strong bullish close above resistance then we will touch 1290. But right now we still don’t have a direction.

Gold Daily.PNG

H4: We created a lower low so we can test resistance and drop to the lows again but if we break this resistance I will look for longs as we will create a higher high, and will most likely start a bullish trend. Look for predicted movement below to see what am possibly seeing.

Gold H4.PNG

Overall Gold Analysis

NFP was bad, unemployment was good, price is still in the ranging zone. Do I know where it is going to go? No. So, wait for market structure and price action confirm then take your trades or trade the zone if you want, but that is not in my trading plan.

Predicted Movement:

Gold Prediction.PNG

All trades are possible, just need to be patient for price action and market structure. I am most likely waiting for Tuesday London!

In Addition:

I hope many of you stayed safe during NFP, and no one got the blown account because of their greed. But if you did, keep your head up. It will be fine, what money you lost was just a tuition fee to Forex Univeristy. Be persistent, and manage your risks and stick to your plan accordingly.

Telegram just search: cyimfx