Before + After:

Gold Update.PNG

Follow path C nicely, and if we break 1325 next zone we will go to is 1305.


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Monthly: We closed very bullish and above the candles on the left which could indicate we have create a higher high and the possibility of us continuing higher is very possible. As the candle close with nice bullish close and seems to have momentum. We have to look at lower timeframes to find possible entries to long Gold.

Gold Monthly.PNG

Weekly: Weekly closed bearish but we are seem to be ranging, I think we can drop down to 1305 or lower create a higher low on the weekly before continuing up based on monthly momentum.

Gold Weekly.PNG

Daily: As I mentioned last week, we create a higher high and now I am looking for a higher low potentially at 1305. We kind of created a head and shoulder formation but now we wait for a possible break of the neckline.

Before:

Gold Daily.PNG

After:

Gold Daily 1.PNG

H4: We broke under the 1335 support and I see 1325 as the next target, then if that support breaks I see 1305. But 1325 will be a critical area as it is a strong support and a H&S neckline.

Gold H4.PNG


Overall Gold Analysis

Gold is creating a H4 bearish trend so we can look for bearish entries to the zones I mentioned above but also keep into account the higher timeframe that we are still bullish but will need some fuel before we carry going up. I want a daily 3rd touch on the trendline before Gold flies up.


Predicted Movement:

Gold Prediction

All paths are explained above, now all that is left to do is wait and be patient for confirmations.