Previous Week Update:

  • Before

Gold Update

  • After

Gold Update 1

Followed A nicely! Kept creating lower highs and dropped but did not fill the wick on the left and hit 1260. We may look to create another lower high before dropping but we will see with time and market structure.

Upcoming USD News:

  • Tuesday
    • CB Consumer Confidence
      • Previous: 119.8
      • Forecast: 121.1
    • Wednesday
      • ADP Non-Farm Employment Change
        • Previous: 135K
        • Forecast: 191K
      • ISM Manufacturing PMI
        • Previous: 60.8
        • Forecast: 59.4
      • Crude Oil Inventories
        • Previous: 0.9M
      • Thursday
        • FOMC Statement
        • Federal Fund Rates
          • Previous: 1.25%
          • Forecast: 1.25%
        • Unemployment Claims:
          • Previous: 233K
          • Forecast: 235K
        • Friday
          • Average Hourly Earnings m/m
            • Previous: 0.5%
            • Forecast: 0.2%
          • Non-Farm Employment Change
            • Previous: -33K
            • Forecast: 311K
          • Unemployment Rate
            • Previous: 4.2%
            • Forecast: 4.2%
          • ISM Non-Manufacturing PMI
            • Previous: 59.8
            • Forecast: 58.3

Monthly: We will be closing on Tuesday and we will have to see how it closes. It could be a monthly retest of the broken triangle but nothing is certain. It is also a possibility of a double top forming on the monthly timeframe.

Gold Monthly.PNG

Weekly: We are currently in a range. We rejected 1305 earlier and at the moment looking to reject 1260. But I still a nice downside target, just this week will have lots of volatility and uncertainty. Which S&R we break I see the targets being fulfilled.

Gold Weekly.PNG

Daily: We are at a strong support. We will need more market structure to tell us where price wants to go. It looks like a possible double bottom, where price could go then create a double top. But this shows how the coming week has so much uncertainty, that your trades have to be managed closely.

Gold Daily.PNG

H4: We had a clear rejection of 1265, we are looking to test the previous lower highs with the momentum. We reject we go lower to test the lows or create a lower low, but if we break, we may be able to test the previous highs.

Gold H4.PNG

Overall Gold Analysis

USD is very bullish with all the news we had last week. But keep in mind, the market needs to create structure, it can’t keep going in our direction in a straight line. I am expecting a lower high on the higher time frames.

This week my trading volume will be dramatically reduced as every time you enter a trade you are risking your capital. I am willing to be patient and just wait till the week after when market structure and direction forms!

Predicted Movement:

Gold Prediction

We wait and watch for market structure, we are in the middle of a range at the moment and have no clear sense of direction with a good RR. We wait and see what possibilities lies ahead!

In Addition:

Follow my Telegram, just search: cyimfx

My internet has been down today after I got back from the beach… Really sorry that I couldn’t do the webinar… If the internet is back up next week, 100% I will have it up!

I also opened a mentorship. Simply go to my website and you will see a tab for “Mentorship”. Click that and you will find the details all there.