Weekly Analyses and Recap: Which direction will price go??

9 Eyl

Sep 9-13

Hi Traders and Welcome to another weekly analyses and recap for GOLD.

Firstly, it is important to note that GOLD has been trending in a a consolidation range ever since making new ATHs on August 20th. But since GOLD is a historically bullish instrument we can expect that it will eventually breakout to the upside.

So last week price respected an exhaustion level and resistance by 2,525.457 before selling to signal a 4H HL at 2,465.329.

With this new low as an indication, we can expect price to make a bullish correction until it eventually reaches a level of resistance. This resistance level can potential be 2,503.742-2509.000 where price previously respected.

For a downtrend:
If this rejection occurs before CPI data released this Wednesday then price will likely continue to retrace for the rest of the week to signal a LL on the smaller TFs and a 23H HL on the bigger TF roughly by 2,485.376.

For an uptrend:
However, if price does not respect these resistance levels, then the bulls have gained their strength and price will continue bullish upon the release of CPI to potentially create ATHs and the current 23H LH will now become a HH.

Since the 23H TF is currently sitting at a LH, my personal bias is bearish for it to signal a HL. Historically, once price makes ATHs, it has taken 4weeks for it to breakout and create new ATHs. If history repeats itself, then I do not see price creating new ATHs until the week the markets will anticipate the Feds to announce rate cuts.



With that being said, I will not be taking any trades on Sunday and Monday as I will be observing price action accordingly to decipher the trend for the rest of the week.

Happy Trading Everyone.

If you have any questions don't hesitate to ask