FX Learning – Gold could go higher!



hello everyone Jamie here from FX learning so firstly I'd like to apologize I haven't done a personal weekly review in a long while I've been a little bit occupied with other ventures now in this week's weekly review we're gonna be covering gold and USD chef now I've been covering gold recently in my reviews and the reason for that is we had a very bullish move over the last couple of weeks okay as you can see here price pretty much is a gold pretty much was consolidating in range in between this level here I think this was around a it was around a 800 pip range for game now we had a sudden rally appeared to this level the one four to three level the top here and I was saying this is not a sign right now to be buying or selling the market now I call this double top pattern here okay and we cook as we can see where the nice bit of divergence play on the RSI and I said this does not mean a sell opportunity just yet by this double top pattern the reason being is because if you actually look at the daily we said we had such a strong push up now normally wait normally when we get such a strong rally like this price will normally consolidate or range which is pretty much exactly what it's doing now now from the daily timeframe we are pretty much forming a flag pattern okay a bhoot a bullish flag pattern on which you can see price is rejecting heavily from this zone at the top here but at the same time price is making higher lows at the top hit or lower highs at the bottom here creating a soar flag pattern now this means that price is getting squeezed and squeezed together as over the days and their weeks go by till eventually we break this pattern here now we could have a breakdown or we could break up now using my analysis by going over to the weekly and then daily time frame I feel that we are now going to be bullish on gold we're gonna see a novel push up on gold the reason being is because if you look on the weekly chart set up from the monthly chart so this is the monthly timeframe okay you can see that range pattern if I just bring up the can't bring my shapes here if I bring up my lines you can see that area here if I just make that a different color so you can actually see it better I will make that any black okay so you can see that range here if I just bring one at the top of the range here okay you can see that sort of range here on which price was bouncing in between now you'll notice here from the monthly we had a very bullish engulfing candle now this went higher than any previous high in the past okay I mean we're not talking this hat price hasn't gone this high since really 2013 okay you can see here okay price has not really been sitting at this level for quite a while okay so on the monthly chart so I'm seeing a very bullish momentum again then you start going down to the weekly you start seeing these rejections here but it's not intact and it's not until you go down to the the daily I think you might see it better on the for I know definitely the daily you can see that flag pattern here on which price is pretty much making higher lows okay so what that's telling me now is look for a potential break above this resistance area and then buy gold so that's my that's my review on gold I think we are gonna be bullish on gold now where is it gonna head okay well you need to / – the weekly timeframe and I believe we're gonna be heading to at least the next support area okay or resistance at what level and I believe we might even head up to this level here okay so like I said if you are gonna be bullish or look to take a trade on gold I would 100% wait for this flag pattern to be broken over to the downside or to the upside and my anticipation is we are definitely well I can't say definitely but I'm pretty sure by using my analysis from the weekly monthly timeframe we're gonna be bullish okay so that's my review on gold now USD Shep again this is a novel pair that I've been analyzing a lot heavily a reason being is because it makes a very very good patterns there it has been doing really for the whole of this what year really okay you can see that sort of dowel movement here then we had a trendline trend line was broken another downward movement a trendline then another downward movement then a trendline and then another downward movement we just get rid of that there okay and then again we've got that area here where we created a trendline okay now as you can see okay we're still on a cell with us – death okay as you can see here we're still if you join up the highs we can join up the lows we are still in a bearish we're still in a bearish member mentum on UST chair now it's not until you start breaking down the daily go over the daily you can see how price has gone lower than the previous low here okay so again I would be looking for a sell opportunity with this currency pair and how would I play this again okay you can see from the for our charts you can see that support area here okay here is a nice example in fact let me just draw it properly on the chart so we can actually break it down and actually see what we're looking at okay so what touch that like that and I'll make that a different color I'll make that a I make that a black color so as you can see this is going on from previously wells previously happened on this currency pair where you can see price has come down created a trendline effect broken down created a trend line defect coming down created a trendline effect come down and then again as you can see it's created that trendline effect and then now we are rejecting from that trendline so it broke below it came up retest it okay and we can also almost see that area of resistance here okay you can see here how to you had a rejection here rejection here and slightly here as well so again I'm still bearish on God on this pair I would probably look to maybe just target initially the bottom of this low here so if we go down to maybe the one our charts are can see price is already rejected from this level maybe to this level here give me around a seventy pit move as soon as it hits 70 pips I would then bring my stop-loss down to a lock and maybe 40 or 50 pips and then moving it down as we go down to potentially back down to this level here on the daily chart so this setup here could give us a nice a 200 pip move and so yeah that's my anticipating on this pair and yes I hope you enjoyed my weekly review my name's Jerry Palmer and thank you for watching

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