Will NFP give us the push we need on Gold?
I think so.. Below are my thoughts on Gold for this upcoming week. I begin my analysis on the M and complete a Top Down Analysis. Here are my thoughts:
Monthly: Overall trend is Bullish - will create new high before monthly closure (5 days)
Weekly: Trend is Bullish - has created some newer highs on LTFs, expect some PB before ending the week
with new highs (news will help)
Daily: Trend has is bullish - daily candle did close above prev candle, could see some PB to get liquidity
to go higher.
4hr: Trend is bullish - W formation is complete, could expect PB before going higher
1hr: Trend is confirmed bullish- currently sitting at W high, has not had correction yet, expect PB before going
higher and creating new highs this week.
Gameplan:
1) Wait for market to re-open and candles to form. This will tell true direction
2) I see sells as a PB at the beginning of the week and at the end after the new high has been created.
3) Look for an entry with a BOS, OB and FVG as confirmation.
4) Don't over think it.. Remember Patience Pays and We're passing this challenge!!
Monthly: Overall trend is Bullish - will create new high before monthly closure (5 days)
Weekly: Trend is Bullish - has created some newer highs on LTFs, expect some PB before ending the week
with new highs (news will help)
Daily: Trend has is bullish - daily candle did close above prev candle, could see some PB to get liquidity
to go higher.
4hr: Trend is bullish - W formation is complete, could expect PB before going higher
1hr: Trend is confirmed bullish- currently sitting at W high, has not had correction yet, expect PB before going
higher and creating new highs this week.
Gameplan:
1) Wait for market to re-open and candles to form. This will tell true direction
2) I see sells as a PB at the beginning of the week and at the end after the new high has been created.
3) Look for an entry with a BOS, OB and FVG as confirmation.
4) Don't over think it.. Remember Patience Pays and We're passing this challenge!!
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