Note: The S/R levels (i.e. likely bank trader order levels) as depicted in their respective timeframes in this and prior articles have not changed, and will likely NEVER change regardless what happens in financial markets. What follows is my own world view, developed from an institutional trading career dating back to 1995.
In the background this Monday: China posted better-than-expected industrial production and retail sales stats. Asian stocks are firmer as a result.
FX moved as well, but at the tiny rate it moved, it might as well have not moved.
Assuming the XAUUSD pattern on H4 holds, I’d only be looking for levels to sell gold this early in the week.
I think the H1 confirms this, with a lower peak and still within the same yellow box, seemingly using 1413 as a pivot to slingshot lower.
On the M15 chart, spot couldn’t complete the set to 1421. Spot will still need to clear 1408 to clearly extend its losses.
Barring anything what will increase uncertainty in the near term (with Trump, anything is possible), I think touch 1405 support is do-able.
And yeah, I remembered I said we could see a 1405 close last Friday.
The following are my S/R levels for the common G7 pairs.