Previous Week Update:

  • Before

Gold Update.PNG

  • After

Gold Update 1.PNG

Path went down to C path and then followed overall bullish sentiment as it never broke the support that C bounced off from.

Upcoming USD News:

  • Tuesday
    • CB Consumer Confidence
      • Previous: 125.9
      • Forecast: 123.9
  • Wednesday
    • OPEC Meetings
    • Prelim GDP q/q
      • Previous: 3.0%
      • Forecast: 3.3%
    • Fed Chair Yellen Testifies
    • Crude Oil Inventories
      • Previous: -1.9M
  • Thursday
    • Unemployment Claims
      • Previous: 239K
      • Forecast: 241K
  • Friday
    • ISM Manufacturing PMI
      • Previous: 58.7
      • Forecast: 58.4

Monthly: Monthly is bullish, we close this week and it we do I see a strong chance of us hitting the previous highs, but since it will also be NFP the week after, anything is possible.

Gold Monthly.PNG

Weekly: Weekly closed under resistance and has a hanging man formation forming. It is still in the range between 1295-1270, once we break above or below we should go to the next zone.

Gold Weekly.PNG

Daily: Daily is rejecting 1295 price zone area and as mentioned in the weekly we are still ranging, gold has not created any clear market structure on where it wants to go. Once we go break I see that being our long term movement in that direction.

Gold Daily.PNG

H4: We created a double top on the H4 and are currently sitting at the neckline. If we break we should go down to 1287.800, but if we bounce we will hit 1295. The current ranging zone is 1295-1287.800 and when we break we should go to the next zone.

Gold H4.PNG

Overall Gold Analysis

USD has been dramatically weakening but gold has been ranging and been volatile going up and down. I personally am avoiding this pair, I have a buy running in 70 pips profit with 30 pips profit secured but I am not looking to add anymore positions to gold this week or until after NFP.

Predicted Movement:

Gold Prediction.PNG

All options all possible, to those who are looking to trade gold, keep in mind my paths that I have and trade according to the RR. I don’t like how many possible S&Rs Gold can have so I am just staying out of it entirely.

IN Addition!

I am looking to have a new intake of students after New Years, so to all who are interested, please look at the mentorship page and start sending your applications and I will review and confirm with you after January 18th.