As predicted last week gold price had given some retracements in the timeframe H4 and in Daily as well. last week was very smooth I guess because most of the movement and retracements we predicted last week, for those who followed and made some blues congratulations. The coming week might see a major breakout either upward or downward because last week gold price traped between the daily resistance zone and the h4 resistance become support (RBS) zone. Even some high impact news also cant give the momentum to break those zone so lets see what might happen next week.
Timeframe : Daily
Gold price is currently trapped in the daily support become resistance zone (SBR) which is around 1928. At daily price has made a breakout at the daily support become resistance zone and the last two daily candles for last week look like a retracement and testing the current zone. This shows that the price might go higher for the coming week maybe early of next week gold price might go lower to collect some orders before continuing to fly higher.
Click here to see the breakout and retracements on trading view.
Timeframe : H4
As you can see in the picture attached above h4 gold price is currently at the daily support become resistance zone. Probably gold price continues to go down and retest the h4 resistance become support zone (RBS) zone which is aligning right with the daily trendline. If the gold price goes to the h4 resistance become support zone (RBS) we can try for a buy position but it will be a high-risk setup because the price has tested the zone thrice before this might break the zone so trade with the calculated amount to risk. If the price breaks the H4 RBS zone it might retest the daily support.
Click here to view the H4 timeframe on trading view.
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 S&P global, followed by the Jobless claims 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 with NFP everyone.