Previous Week Update:

  • Before:

Gold Update.PNG

  • After:

Gold Update 1.PNG

Gold was messy for me this week, but overall went in A’s direction, but did not really follow my path, it was all over the place for me, so I stuck to USDJPY.

Upcoming USD News:

  • Wednesday
    • Fed Chair Yellen Speaks
    • Core Durable Goods Orders m/m
      • Previous: 0.7%
      • Forecast: 0.4%
    • Unemployment Claims
      • Previous: 249K
      • Forecast: 241K
    • Crude Oil Inventories
      • Previous: 1.9M
    • Thursday
      • FOMC Meeting Minutes

Monthly: We have looked to have rejected 1270 monthly support from broken resistance. We will be closing in 2 weeks, if it closes bullish I will look for Gold to go to create a new higher high as it broken its ranging zone (triangle) and looked to have retested.

Gold Monthly.PNG

Weekly: Weekly closed extremely bullish and there is still room to the upside as there is no resistance until 1305, which I see us hitting this upcoming week after creating a liquidity wick (confluence with USDJPY).

Gold Weekly.PNG

Daily: Daily we broke about the 1290 resistance, I see a retest and then continuation to 1305. Then we have a daily retest and then continue to test the highs.

Gold Daily.PNG

H4: We found resistance at 1290, which in my opinion is a minor resistance that is a bounce to allow price to fall and then give a retest of broken resistance then continue to it’s highs.

Gold H4.PNG

Overall Gold Analysis

USD has been dramatically weakening. I believe that the bounce or break of 1305 will come with next month’s NFP and Fed Fund Rates. Right now, I will only look for long at broken resistance and look to take all my profits out at 1305.

Predicted Movement:

Gold Prediction

I am most looking for 2 areas of retest (A+B), and that is pretty much it for me this week. Of course, any other opportunities arise I will take it. But this is 1 trade I am going to hunt for this week.