Gold to start making new highs?
If you follow me, you know I like to trade gold, being one of my top instruments to trade on the futures market it can be very lucrative when you get in at the right times.
This week I’m looking for a new move to the highs breaking the fractal Wyckoff on the 15 minutes time frame
Shown here on the 15 minute chart I can see that the sell moves are weak and plenty of absorption carried out by demand, keeping price up.
Looking over on the 1 Hour chart there is a nice distribution schematic playing out with a fractal Wyckoff on the breaking out of the range
Last week I took multiple buy scalps from the break and retests every time it come back down. This week I closed my long buy in profits and will wait for the break of this fractal schematic to enter again.
Looking over the dollar index we haven't seen much of a move to the upside as it has rejected the price range of 92.5 and has not regained any new strength as of yet
Analysing the US 10Y yields, I can see bond yields have fallen relatively sharp with a correction pull back in play at the moment, could we see 10Y yields falling further ahead of the week?
Looking at gold and the global inflation I can see gold rallying as investors will flock to gold seeing that gold can be used to hedge against inflation from the previous years.
If you haven't done so, check out the video posted below for our weekly forecast going over a fundamental & technical outlook of the markets for this week.