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.
Powell’s speech and US retail sales stats are the marquee events early this week.
As for Powell’s speech, he doesn’t strike me as a James-Comey-type drama queen i.e. I don’t think he’ll insert policy clues in the speech he’s about to give. But we’ll see.
For my gold comment here are my never-changing H4 and H1 S/R levels for XAUUSD:
The ceiling at 1415 is holding firm. I don’t expect the correction to the usual suspect 1400 level until after markets “get over” Powell and the “bogus-ness” (for lack of a better word) of the US retails sales figures.
Even if uncertainty returns in force, am banking on spot NOT breaking higher than 1425-30.
Gold simply doesn’t have enough gas.
So for now, 1400 is the target.
For intraday levels, I present the M15 chart:
I’m not showing M5 charts because I think scalping spot gold is rather pointless for most retail traders.
But if there’s enough demand, say, from 4-5 more traders, I’ll post the M5 from then on.
I’ll post my FX comment a little later in the day. I don’t think even my M5 charts on the majors changed much (did it?).
Talk to you later!