GOLD on Daily

Aug 17

Extremely bullish finish to the previous week, as price has closed above the upper boundary resistance trendline, dating all the way back to May & July of this year. 3 tests to the trendline has made it valid, and price on Friday has closed above the trendline & broke through the all time highs.

For the upcoming week, i am looking for a retest of the trendline resistance to become new support on the lower timeframe, to look for a high Reward / Risk setup as Gold continues with the bullish momentum.

Aug 17

Note

15 Min Timeframe Outlook: I am looking for a pullback into ZONE 1 and a lower timeframe rejection / shift of momentum for price execution with SL below the zone, & targeting a new high. An exhaustion of price early in the week would be great so that we will not need to chase price here.

Zone 2 will require a 4 hour pullback to make a higher low & retest the previous all time highs resistance zone, which is less likely cause it will have to break back under the higher timeframe upper boundary trendline resistance.

These are the areas i will be adapting & watching price action closely for a high quality setup this upcoming week!