Previous Week Update:

  • Before

 Gold Update.PNG

  • After

Gold Update 1.PNG

Followed D but retested different price level. But broke previous higher low and retested it at 1290.

Upcoming USD News:

  • Wednesday
    • Core Durable Goods Orders m/m
      • Previous: 0.5%
      • Forecast: 0.5%
    • Crude Oil Inventories
      • Previous: -5.7M
    • Thursday
      • Unemployment Claims
        • Previous: 222K
        • Forecast: 236K
      • Friday
        • Advance GDP q/q
          • Previous: 3.1%
          • Forecast: 2.7%

Monthly: Monthly at the level the monthly started. This week we close our monthly candles. So for now we wait for that before analyzing it further.

Gold Monthly.PNG

Weekly: Looks like it clearly rejected 1290 and looking to test 1260 and a confluence with the trendline. When we do touch it will be a 3rd touch so do expect some kind of reaction to it.

Gold Weekly.PNG

Daily: Here is a better example of how we created a lower high, confirming that we are in a bear trend. We also see clear rejection of 1290. I expect the gap to be filled to 1260.

Gold Daily.PNG

H4: Here you can see a clearer picture of our retest of the previous higher low. Now we are accumulating at this support, which I expect a nice push down to 1260 to fill the wick on the left but first stop is to 1270.

Gold H4.PNG

Overall Gold Analysis

USD is bullish with tax plans getting that one step closer and unemployment being at its lowest since 2001. We should see a nice boost, and if NFP is positive, this will mean we will get a hike in interest rates this year, and we will be all bulls for USD!

Predicted Movement:

Gold Prediction

All are possible, keep your mind open and be ready for everything. Whichever path comes to life just take that path to your freedom.

In Addition:

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I have been really busy this past week, but next week I am going to relax on the beach side so I will be working on the PDF 2.0. This will only be available to my students and Forex Family. The first PDF is up for free on my blog.