Forecast:
Last week price action breached February low and is now climbing back up. First few days of week 08, could see upside momentum to Fibonacci levels mentioned in the video.. As always have a chart open with 10y Yield and $DXY.
I'll keep you posted... Trade safe.
About Gold Next Week #
A weekly 3-10-minute forecast video on Gold price for the coming week. I'll also follow up with charts throughout the week as price action develops patterns and pivot reversals points.
Topics
- Market sentiment
- Gold Shares, EFT's A-z
- $Dollar
- US10Year T-note
System: I use a hybrid blend of Wave Principle price action, Fibonacci ratios, RSI indicator and some Market Data.
Disclaimer: nothing talked about in this video should be regarded or seen as trade advise, a trade call, a recommendation, or a trade signal. Do your own due diligence or seek advice from a licensed professional before entering a trade.
Best Regards
OmarDjurhuus
Last week price action breached February low and is now climbing back up. First few days of week 08, could see upside momentum to Fibonacci levels mentioned in the video.. As always have a chart open with 10y Yield and $DXY.
I'll keep you posted... Trade safe.
About Gold Next Week #
A weekly 3-10-minute forecast video on Gold price for the coming week. I'll also follow up with charts throughout the week as price action develops patterns and pivot reversals points.
Topics
- Market sentiment
- Gold Shares, EFT's A-z
- $Dollar
- US10Year T-note
System: I use a hybrid blend of Wave Principle price action, Fibonacci ratios, RSI indicator and some Market Data.
Disclaimer: nothing talked about in this video should be regarded or seen as trade advise, a trade call, a recommendation, or a trade signal. Do your own due diligence or seek advice from a licensed professional before entering a trade.
Best Regards
OmarDjurhuus
Comment:
Update!
As mentioned in the video - I anticipated a pull back, target @ 50 % or 0.618% fib-level @ $1791 / $1785 and then bulls taken over again, but that was not the case.
If the behavior in the Gold market teaches you anything I would say it is to be adaptive.
10y Yield is still pushing higher only giving small corrections on the way up and that is the main headache for Gold at the moment. And not so much the $DXY.
In the pic-illustration you see clearly the correlation.
On higher time frames Gold is setting up for a rally... bottom is almost in, but it will not be a rally that's going make new highs, but rather a bullish countertrend.
Trade safe and a great weekend to you.
As mentioned in the video - I anticipated a pull back, target @ 50 % or 0.618% fib-level @ $1791 / $1785 and then bulls taken over again, but that was not the case.
If the behavior in the Gold market teaches you anything I would say it is to be adaptive.
10y Yield is still pushing higher only giving small corrections on the way up and that is the main headache for Gold at the moment. And not so much the $DXY.
In the pic-illustration you see clearly the correlation.
On higher time frames Gold is setting up for a rally... bottom is almost in, but it will not be a rally that's going make new highs, but rather a bullish countertrend.
Trade safe and a great weekend to you.
I did anticipate a deeper pull back @ 38% fib, level, but too much buying strength for that to happen.
38 and 50% fib, level taken out.
If strength continues 0.618% will also be taken out, before a correction.
If buying strength continues throughout the week, price action is highly likely in a bullish trend short-term... But we'll see