GOLD - Weekly Road to Riches

Unlike all the other asset pairs I analyse on a daily basis, GC1! XAUUSD XAGUSD SI1! can sometimes so it's own thing in comparison to the uniform correlation that DXY & EURUSD GBPUSD have and ES1! NQ1! $CBOT_MINI:YM1!. For that reason, I hold more weight over the longer term timeframes such as the daily, weekly and multi-month timeframes in order to give me that confidence to analyse where price action will head to next.

Aside from minor fluctuations above and below premium/discount territories, (2031.02) I would like to see either buyside poached @ 2067.63 or sellside attacked @ 2014.97 before taking any drastic actions.

GC1! XAUUSD SI1! XAGUSD do tend to have tighter correlations with each other than any other pairs.

I wouldn't be surprised at sub 2000 nor would I be shocked if this is the beginning of the road to all time highs.

My philosophy is simple...

Fortify Michael J Huddlestone's concepts that I have studied to consistently predict where the market is more likely to go.

This includes;

- Market Structure
- Buyside/Sellside Liquidity
- Order Blocks
- Liquidity Voids
- Fair Value Gaps
- Optimal Trade Entry
- Premium/Discount Array
- SIBI/BISI
- Many More!

The strategies mentioned here are some of many that I use to implement into my analysis and over time, with consistency I aim to achieve a high degree of accuracy in the markets with the foresight and understanding to assess what went wrong when my bias is negated.

Credits;

- Michael Joe HUDDLESTONE
- Shawn Lee POWELL
- Toray KORTAN

Comment:

2019.90 was the intra-day short term low on Fridays US AM session which was destroyed in that same session. Lows created 2011.50 but ever since, we have witnessed a shift in market structure to the upside, running for short term high buy stops

2027.58 has a great amount of orders there as its a zone I'd class as a relative equal high as there are other STH around that zone that has not been exploited yet. Anticipated volatility today will aid my bullish bias

Comment:

With my bias for gold being neutral throughout this week, it is natural to see a rally in the dollar whilst gold declines. That's what we saw today with the last laugh happening @ 2032.85 8:00am US session. I would be surprised if we don't have a relief rally up to the 50% equilibrium of yesterdays swing high @ 2010.68