GOLD BROKE 1300 ELECTION WICK FILL

3 thg 9, 2017

Last week gold had a nice market structure and followed analysis very well as I was anticipating a breakout past 1300 after previous weeks consolidation underneath this major zone. Since there was some geopolitical issues between the USD and NK gold had an extra shot of strength in its bullish trend. After this major push price needed to retrace as profit taking was going on. Price returned for the first time back to the FTR zone at 1300 (major zone) this was a good buy opportunity as price rejected 1300 to keep prices above it. After returning to the previous high price was in consolidation after NFP produced some whipsaws that are dangerous for retail traders (traps). Price still has bullish momentum based on the EMA cross and spread. Also USD has a down bias and although USD/JPY inversely correlated pair has been moving up as well over the short term we could see a small retracement or accumulation before continuation. Ultimately the massive liquidity wick created back last November on US elections day could be filled as we move towards 1330-1335 area.