Previous Week Update:
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:
- 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
- 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.
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).
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.
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.
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.
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.