It looks Like last week’s gold chart is full of green this shows last week gold price was fully bullish just some retracements at the smaller timeframe overall bulish even on cpi it gives us the volatility and then went back bullish. Lets see what might happen for the coming week.
Timeframe : Daily
Gold price is currently around 1820. On the daily, we can clearly see an uptrend. Gold was too bullish for last week so we can expect a major retracement on the major timeframe because as we know anything goes up so fast will drop back fast also so its kinda dangerous to focus buy for the coming week remember to sell high buy low. Gold price is currently at the daily support become resistance zone(SBR) zone so the market closed at very unpredictable place might give spike or a drop when the market opens tomorrow.
Timeframe : H4
As you can see in the picture attached above on h4 gold price is currently at the daily resistance zone. Probably gold price gives spike tomorrow because as we can see the last three candle for h4 was fully bullish even after the cpi news hit the price went up drastically so for the coming week we can expect a major retracement. we have three zones for sell first one is around the current price which is extremely high risk, the second one is around 1930 this zone can be said as medium risk and the last one is around 1950 which is low-risk zone this is said because that zone is the daily resistance zone so I’m pretty sure we can see a drop when the price touch that zone.
Click here to view the H4 timeframe on trading view.
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 US retail sales YoY(DEC), followed by the Jobless claim on Thursday and ending the week with existing home sales on Friday do click here to have a look on the full economic calendar. 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 trade wise and safe.