Gold prediction for the upcoming week.
The last few days have presented many opportunities, and simple setups for Gold. The 1725 area has held true to be an area where price respects, and I don't believe that to be any different in the upcoming few trading days. For the late Sunday session, and early Monday session, I think we could see a small gap up. After that, I will be looking for price to react to the 1737 level, which currently still acts as a daily resistance area. Seeing as the 1725 level has been respected so well, I would like to see price retrace to around that area before a further rally past the daily resistance.
I was fairly certain price was going to remain bearish for Friday's session, but it failed numerous times to break the psych level of 1700, which gave a perfect entry to the upside. The movement to the upside helped create a strong signal on the daily timeframe to start looking for bullish entries.
My indicators, and basic price action all point upwards until potentially the 1797 area, but we shall see.
Overall, I wont be looking for entries until we get a strong break of the 1737 level.
I was fairly certain price was going to remain bearish for Friday's session, but it failed numerous times to break the psych level of 1700, which gave a perfect entry to the upside. The movement to the upside helped create a strong signal on the daily timeframe to start looking for bullish entries.
My indicators, and basic price action all point upwards until potentially the 1797 area, but we shall see.
Overall, I wont be looking for entries until we get a strong break of the 1737 level.
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