As the new week and month begins, we all look forward to very interesting moments for the yellow metal. We will analyze the weekly and 4 hours charts to make informed decision on what direction it will take. The key levels where we will be taking probable profitable trades will also be considered in this analysis. In the past week, the analysis on the precious yellow metal took the entire week to trigger our signal and hit the TP1 on Friday, and we advised closing the rest of the trades in profits.

Take a look at the following charts: weekly and 4 hours:

Weekly Chart Gold

From the above weekly chart, the market structure suggests a bullish dominance. However, if we consider the immediate past 2 weeks price action, we can see a Lower Low and Lower High between the two. That suggests the selling pressure is not over yet. Buying around this area the arrow points at, should be with great caution. We then suggest analyzing the 4 hours chart with Fibonacci Retracements imposed on the chart for a more adequate decision-making process to determine our possible entries and exits.

Let's Consider the 4 Hours Chart Below:

4 Hours Chart: Should Well at These Levels?

From the 4 Hours chart above, it will be advisable to consider looking for Sell Signals around the 50% Retracements, and 38.2% Retracements during this week.

It's interesting to note that these Fibo levels we used last week are still valid seeing they have not been breached.

Consider being on our Telegram Channel to get the signals for Gold this week.

From all of us at Pipsoclock, we wish you a highly profitable week!

Trade to Win!

Ifeanyi Uche