Previous Week Update:

  • Before

Gold Update.PNG

  • After

Gold Update 1.PNG

Followed A very nicely during the start of the week but then the retest did not hold and did not show any confirmation and dropped to the bottom range I have for path C.

Upcoming USD News:

  • Tuesday
    • ISM Non-Manufacturing PMI
      • Previous: 60.1
      • Forecast: 59.2
  • Wednesday
    • ADP Non-Farm Employment Change
      • Previous: 235K
      • Forecast: 191K
    • Crude Oil Inventories
      • Previous: -3.4M
  • Thursday
    • Unemployment Claims
      • Previous: 238K
      • Forecast: 241K
  • Friday
    • Average Hourly Earnings m/m
      • Previous: 0.0%
      • Forecast: 0.3%
    • Non-Farm Employment Change
      • Previous: 261K
      • Forecast: 200K
    • Unemployment Rate
      • Previous: 4.1%
      • Forecast: 4.1%

Monthly: Monthly is bullish closed with a weak bullish candle but does not really show any direction whatsoever so we will have to drop down to the weekly for a better sense of direction. However, we have broken the monthly triangle, and we have to keep that in mind.

Gold Monthly.PNG

Weekly: Weekly as well closed with no real sense of direction but it shows that it could be the 3rd touch off the trendline. We are ranging between 1305 and 1270. If the weekly candle breaks trendline then Gold will be bearish to a possible 1210.

Gold Weekly.PNG

Daily: Daily has formed a triangle which I think we will break with the volatility this week. Right now, we are ranging so there is no sense of direction, once we break we will find out where it could possibly go in the long term.

Gold Daily.PNG

H4: I explained my idea on the H4 on Gold, I struggled to even find levels on Gold as there are so many since it is ranging ridiculously. So, I would just stay safe and leave this pair alone for now and stick to your other pairs.

Gold H4.PNG

Overall Gold Analysis

I don’t really see any direction for the USD, firstly we have NFP then we have Fed Rates = volatility and then we have holidays. If you just go left and look at previous year during December you will see that we range during December because of the low volume. So, I am mostly waiting till January before taking any trades.

Predicted Movement:

Gold Prediction

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. (Same as last week!).

IN Addition!

On my website and telegram, I have announced that I will be taking 5 new students in February. For details please check the “Mentorship” tab. Looking forward to the applicants 😊.