Updated: Jul 16, 2021
July 14, 2021
As we begin by taking a look at the weekly timeframe on GOLD there are a few key things to take note of. Taking a look at the past 2-3 weekly candle that were previously formed we can see that gold as came to a halt at around the $1765 level. If we look to the left we can see that was a previous weekly level where I have my first zone drawn across. From this level, GOLD has been able to begin its way back up. A pattern that is seen here is also an inverted head and shoulders with $1765 being the level where both left and right shoulders were formed. With the $1680 rejection being the head. Considering these factors and last week’s candle in specific is what gives me a bullish bias for the next coming week.
When it comes to the daily timeframe, we get a closer look at what the weekly timeframe has been doing on a day to day basis. We have been steadily moving upwards from our $1765 level with a majority of bullish candle stick closures. At this current point we see that we are struggling to break roughly the $1820 area. In order for GOLD to continue further upwards I believe this level has to be broken first. From here we can look for entries on our lower time frames.
When we scale down to the 4hour time frame we see that GOLD has been in this wide range from around $1795 to $1818. From here like we see on the daily timeframe we are simply waiting for a break above $1818 or a break below $1795. I am favoring the move to the upside as I see a lot of potential upside for GOLD to fill (signified by my blue drawing). Of course we must be patient and wait for proper candlestick closures/confirmations.
Always use proper risk management and remember to stick to your trading plans!
Happy and safe trading!!