Edition 5 13 August 2017 GOLD XAUUSD GOLD

Edition 5 13 August 2017

GOLD (XAUUSD)

GOLD Gold had a great week recently, climbing all the way up to 1290!, will we possible see 1300 being breached? Reason for gold performing so well had to do with geopolitics, mainly with North Korea and the USA, we will be watching gold very closely. Weekly res is finally receiving some market action, if we see this level cleared then we may assume that 1300 will be taken swiftly, maybe even extended resistance may be touched and tested. Support is a level to show that some levels need a close above them before we can enter, if we had entered at this support after the close candle we would’ve been in profit by 100+ pips. Moving averages are still strongly supporting an uptrend but we shall watch how it changes as the market approaches the extended resistance. We are Bull for gold and we will be until we mention other wise to you guys.

GBPUSD

GBPUSD played out according to our Technicals In the past Set up Sundays, the breaking of Daily res (1. 30345) played out as we expected and even the market reaching 1. 325 was previously mentioned, Technicals still apply this week since the market has returned to fall back into the consolidation area between Daily Res and Daily Support. Market is currently sitting on the level identified as the Key level (1. 29677), recently this level has proven difficult for the market to break, if we see a break south of this level we can expect the market to head down to Daily support, this will be identified as a bear target. Daily Res (1. 30345) is a level we have mentioned in the past too, the market also struggles breaking through this level, if we see a break north of this level we can lower our time frames to 4 HR and set the Extended res as a bull target.

USDJPY

USDJPY reached our targets that were set in previous Set Up Sunday’s, playing out exactly the way we had hoped, I believe USDJPY has run its bear course, I will be watching this pair closely. Monthly Support has been reached once again and I expect to see a future reversal and extreme market rejection at this point in the near future but as always we will need to wait for price action. We may possible see a full market reversal that takes us back up to Resistance (111. 011) but again we need a strong close above the Monthly Support followed by another bull candle, formation of 3 white soldiers. The previous yellow box shows us how the last Monthly Support reversal played out, I will update you guys on this pair as the week unfolds.

QUOTE OF THE WEEK “Dreamers have the million dollar vision, hardworkers have the million dollar accounts”