Last week was challenging due to the end-of-year gold price was too volatile and a lot of fake breakouts happens. Let’s go through a bit what happened last week and predict the direction for coming week.
Daily
Gold price is currently around 1823. On the daily, we can clearly see an uptrend. Gold price starts the uptrend after breaking the daily drop base drop zone and retests the zone before continuing the up trend.
Click here to view the daily timeframe on trading view.
H4
As you can see in the picture attached above on h4 gold price is currently at the h4 resistance zone. Probably gold price will break upward the zone this is said because there is a huge fake breakout given by the previous candle and the previous two candles have rejected the zone several times, so there is a high possibility for the price to break the current zone and test the next h4 resistance zone which is around 1830. For the coming week if can focus on buy positions due to the higher timeframe showing us an uptrend we focus on buy as we all know trend is our friend.
Click here to view the H4 timeframe on trading view.
News
Looks like a lot of high-impact news for the coming week. As usual Monday and Tuesday low impact news for USD, but the high-impact news starts to attack on Wednesday starting with the JOLTs job opening, followed by the S&P global services on Thursday and ending the week with NFP news on Friday do click here if you want to know what is NFP. Be careful trading on high-impact news if you are a beginner do observe the market and gain experience so that you can trade well on news. Good luck for NFP everyone and Happy new year.
