Before:

Gold Update.PNG

After:

Gold Update 1.PNG

The drawings were removed by TV for some reason but as you see we in a way followed path B but we just didn’t create the H&S. Now we can expect to come down for a retest before continuing up, unless it breaks bullish market structure.


Upcoming USD News:

  • Thursday
    • Building Permits
      • Previous: 1.3M
      • Forecast: 1.29M
    • Unemployment Claims
      • Previous: 261K
      • After: 151K
    • Crude Oil Inventories
      • Previous: -4.9M

Monthly: Now that we found out that USDJPY was lying, I am very certain that Gold will be creating new highs and first target will hit the red line.

Gold Monthly

Weekly: Weekly closed extremely bullish again, no signs of exhaustion or reversal. I easily see the resistance being tested before coming down to create a higher low to get fuel to break through that strong weekly resistance.

Gold Weekly.PNG

Daily: As you can see market always respects structure. We broke resistance, retested it and now looking to create a new high. Don’t worry if you missed out because most likely we will retest before we break the extremely strong resistance.

Gold Daily.PNG

H4: Here I had to zoom out to show the levels I was looking at. As you can see we are in the middle of the zone. So I expect us to either get some sort of retest or shoot up to resistance and bounce down to give a retest.

Gold H4.PNG


Overall Gold Analysis

I said last week either Gold or USDJPY was lying, and as you can see in the charts UJ was lying. Now we wait for a retest before further continuation high to the monthly red line resistance.


Predicted Movement:

Gold Prediction

I explained why above why I see what I see. For C to come true we have to break bullish structure. Either we break this week, which I doubt, or we go to resistance and instead of retest and continue higher we will continue lower.