Last week's price action on Gold was quite bearish with some minor pullbacks within. Price has now made its way back towards the major support from last months NFP results. Currently price is still sitting on a major support with a higher low at this moment. Next week's market open could make a gap in price as Yellen had a speech Friday after the market had closed.
Next week we can have a bearish bias for price to move lower based on the higher timeframe analysis and the negative correlation with USD that has been seeing some strength lately, especially against the Yen, another safe haven asset. First we will have to make sure price will break this zone and then start to move lower towards the major support zone around 1260. Using the higher timeframe we can map out our direction and then find a way to best position ourselves fort this move on the shorter timeframe.
Fundamentals/News this week looks light, some high impact news but nothing out of the ordinary for USD. More importantly the focus would be on the geopolitical issues (Trump & NK 3.85% could change the outlook for USD/GOLD fast.) and also Trump's new tax reform plan and the replacement for Fed Chair Janet Yellen.
Next week we can have a bearish bias for price to move lower based on the higher timeframe analysis and the negative correlation with USD that has been seeing some strength lately, especially against the Yen, another safe haven asset. First we will have to make sure price will break this zone and then start to move lower towards the major support zone around 1260. Using the higher timeframe we can map out our direction and then find a way to best position ourselves fort this move on the shorter timeframe.
Fundamentals/News this week looks light, some high impact news but nothing out of the ordinary for USD. More importantly the focus would be on the geopolitical issues (Trump & NK 3.85% could change the outlook for USD/GOLD fast.) and also Trump's new tax reform plan and the replacement for Fed Chair Janet Yellen.
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