Previous Week Update:

  • Before

Gold Update.PNG

  • After

Gold Update 1.PNG

Followed path C beautifully! Now we are respecting the same support, will need some price action to confirm a further move to the upside.

Upcoming USD News:

  • Wednesday
    • CPI m/m
      • Previous: 0.5%
      • Forecast: 0.1%
    • Core CPI m/m
      • Previous: 0.1%
      • Forecast: 0.2%
    • Core Retail Sales m/m
      • Previous: 1.0%
      • Forecast: 0.2%
    • Retail Sales m/m
      • Previous: 1.6%
      • Forecast: 0.0%
    • Crude Oil Invetories
      • Previous: 2.2M
    • Thursday
      • Unemployment Claims
        • Previous: 239K
        • Forecast: 236K
      • Friday
        • Building Permits
          • Previous: 1.23M
          • Forecast: 1.25M

Monthly: Monthly closed bearish but keep in mind that we still closed about the 1270, so don’t be surprised if we go bullish. Just good to keep in mind what HTF looks like. But LTF will dictate where price wants to go for now.

Gold Monthly.PNG

Weekly: Weekly still does not show much about where price wants to go. There was not a strong bullish candle so it does not confirm a bullish trend just yet. Will have to wait for us to break out of ranging zone to get proper direction.

Gold Weekly.PNG

Daily: We broke the bearish trendline and broke up from the tight consolidation zone. We may be retesting it now, but the circled area could also show that we created a lower high as price did not break about previous lower high on the daily.

Gold Daily.PNG

H4: After creating a higher high we drop based to 1275 support, and looks like we are testing previous higher low. If we break below we will go to 1268-1270, if not we will go up to test the highs and most likely create another higher high.

Gold H4.PNG

Overall Gold Analysis

We still wait and watch the King and Queen to see where price wants to go. Price is ranging, there is no trend, wait for a breakout then we will know where price wants to go long term. But keep in mind next month is Fed Rate Hikes, and they did promise a hike this year, and December is their last chance for fulfill their promises.

Predicted Movement:

Gold Prediction

Both paths are possible, I see A path being more likely, but I am not going to be biased on that. I will let price action tell me where it wants to go at this support. A also look like a better RR trade. If I enter now, I will have my SL under the wicks and my first TP target at the green like above.

P.S. King = Market Structure | Queen = Price Action.