jocelyn_rose02

GOLD Retracement Before Taking Flight

FOREXCOM:XAUUSD   Gold Spot / U.S. Dollar
This week for GOLD I see another nice retracement before price pushes past 1900. However before this happens I anticipate this week opening up bullish to fake people to think price is continuing bullish, creating FOMO and collecting more money before retracing again. As you can see on my chart there is quite a bit of imbalance that I anticipate that price wants to come and fill around the 1885-1875 area, as well as there are a lot of orders to be collected around the 1869 area. I have also found that around 1873 is a well respected support/resistance area as well as a strong order block(OB) zone so price has a tendency to be magnetized to that area. Once price is able to break through that area price has a tendency of taking off. That being said I anticipate price coming down to at least 1873, tapping the OB zone and taking off bullish. However, I wouldn't be surprised if we saw price retrace a bit further, creating a double bottom and collecting more orders. After price breaks through the 1873 OB zone I see price continuing on its bullish trend, filling more imbalance on its way up to at least to the 1908 OB zone since the US DOLLAR is weak right now and GOLD has been an overall bullish trend. This is just my analysis and what i'm anticipating for this week. Lets see what happens:))
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