Previous Week Update:

  • Before

Gold Update.PNG

  • After

Gold Update 1.PNG

Followed C beautifully. Just respecting market structure.

Upcoming USD News:

  • Sunday
    • Fed Chair Yellen Speaks
  • Wednesday
    • Building Permits
      • Previous: -1.27M
      • Forecast: 1.25M
    • Crude Oil Inventories
      • Previous: -2.7M
    • Thursday
      • Unemployment Claims
        • Previous: 243K
        • Forecast: 245K
      • Saturday
        • Fed Chair Yellen Speaks

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: Extremely strong bullish candle. I see us going to 1310.800, but overall I see us going all the way to the highs and possibly creating a higher high.

Gold Weekly.PNG

Daily: Very strong bullish momentum, here you can see why I see 1310.800, I see that area to be test then coming back down before continuing higher, we do need a have some exhaustion to gains some fuel to continue higher.

Gold Daily.PNG

H4: First stop I see at 1306.500, then coming back to retest the broken resistance before continuing higher. My paths are shown below, but simply if you look, Gold is just respecting market structure beautifully. Barely any fakeouts (either ways you wait for candles to close).

Gold H4.PNG

Overall Gold Analysis

USD is very bearish, news last week was bad, NFP was bad the previous week and overall market structure is showing a bear trend. We will have to wait and see how it reacts to the coming up resistance, I will be looking to buy at broken resistance to support and take it higher.

Predicted Movement:

Gold Prediction

The bullish paths are most likely, but keep your mind open minded. Anything is possible with Forex, so don’t marry your trades and trade what you see.

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