For this week I see price creating a double top around the 1910.00 area, retracing a bit before forming one more bullish impulse. I anticipate price creating one more push to the upside before shooting down for two reasons; 1) to fake out retail traders that price wants to continue to push bullish & 2) to form a liquidity grab, hitting all buy/sell stops. I ultimately see price retracing all the way down to the 1871.00 area because that area has been a major support/resistance area for many months as well as it lines up with the 38.20 line on the fib retracement. At this level I anticipate that price will create a double bottom, forming a quick impulse to the upside, faking traders to think that the GOLDs retracement is over(to buy long positions). However given previous market patterns I anticipate that GOLD will form a liquidity grab near 1868.00, taking out the previous wicks triggering buy/sell stops before pushing bullish. Once this happens I anticipate that GOLD will form a strong Institutional candle pushing price past the 1871.00 major support/resistance level and continuing bullish with strong momentum since the overall trend for GOLD is bullish. I am still learning and this is just my analogy and what I am anticipating this week for GOLD.
Comment:
So far so good this week with NFP. Price has made the full move to the downside that I was anticipating. We could see price come down a bit more before making its way back up. Lets see what the market has in store for tomorrow on NFP FRIDAY!;)