Forecast:
Gold broke out of the consolidation. I forecast some countertrend price action this week, mostly to the upside. BUT! have in mind that the gold price has potential to drop down to lower levels. Keep also eye on 10 Year Yield and $Dollar for sentiment clues...
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
Gold broke out of the consolidation. I forecast some countertrend price action this week, mostly to the upside. BUT! have in mind that the gold price has potential to drop down to lower levels. Keep also eye on 10 Year Yield and $Dollar for sentiment clues...
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! Gold pushed a bit higher than 0.618% fib. Seems price action is developing a double top @ $1847oz, but we'll see...
If gold loses steam at current level I have targets $1823, $1816 and $1809 to the downside... but again we'll see.
Trade safe!
If gold loses steam at current level I have targets $1823, $1816 and $1809 to the downside... but again we'll see.
Trade safe!
Comment:
Update!
The bearish D-Top / Truncation dropped down to $1834oz, but made a U-turn to make a H&S pattern instead and then drop down to hit the levels I had targeted in my previous update.
If you know how to trade D-tops / Truncation you could have caught one down to the $1834oz level which also happens to be 1.27% Fib-extension.
And furthermore, a beautiful head & Shoulders pattern.
If you carefully study gold's price action you'll find lots of those patterns mentioned above in all time frame.
I'll drop a new forecast on Sunday for week 7.
Have a great weekend :)
The bearish D-Top / Truncation dropped down to $1834oz, but made a U-turn to make a H&S pattern instead and then drop down to hit the levels I had targeted in my previous update.
If you know how to trade D-tops / Truncation you could have caught one down to the $1834oz level which also happens to be 1.27% Fib-extension.
And furthermore, a beautiful head & Shoulders pattern.
If you carefully study gold's price action you'll find lots of those patterns mentioned above in all time frame.
I'll drop a new forecast on Sunday for week 7.
Have a great weekend :)
We got the pull back at the 38% Fib-level, but a shallow one. This morning (ECT) London session pushed price higher and we are now at the 0.618% Fib-level @ $1838.
Hope we get a well deserved correction down to $1818, $1812 or $1806 too get a more developed price action structure too see if price droppes further or has some more bullish momentum?
Keep you updated! Trade safe..