Gold Update.PNG


Gold Update 1.PNG

The paths followed A, but has not completed anything just yet. We are creating lower highs on H4 but we still did not break support. If we break support we will drop to 1305 area and then we could possibly create a H&S.

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Monthly: Gold is still very bullish, there is not indication of a reversal or a breakout. We know we are bullish, but that’s it, the candle hasn’t closed so we cannot confirm anything. You have an overall idea, not you drop down to the lower timeframe to see if everything aligns.

Gold Monthly.PNG

Weekly: Weekly closed as a doji, not really saying anything at all, is not saying that is a reversal or if it is continuation. Now it is at a critical resistance and nothing more. We need another week close to see if it is going to reverse or continue.

Gold Weekly.PNG

Daily: Again, here you can see that we retested previously broken resistance but the momentum upwards seems to be lacking. In my opinion we are quite overstretched as you see previous to finding the support at 1305.

Gold Daily.PNG

H4: Here you see we are creating lower highs but we never broken the support, once we do we can in a way say that the trend has been changed and Gold will go bearish. I will only be looking for the support breaking then retesting to take shorts.

Gold H4.PNG

Overall Gold Analysis

Like USDJPY, all timeframes are saying different things. This tells me to be patient and wait for an entry when everything clears up and I get a clear signal on the H4. So have in mind what you want to see then execute when you do see if with proper risk management.

Predicted Movement:

Gold Prediction

As explained above I am looking for a support break then retest to enter shorts, and this adds confluence with creating a H&S formation.