I am a bear on Gold and notice that price has not reached the monthly target of MM1 yet after having being sold at MM3. While we have an oversold stochastic on the daily chart I am looking for opportunities to sell this until the monthly target. With a very high probability of a Fed rate hike taking place next I expect to see further USD strength and therefore further bearishness in Gold.

Gold Daily

Market: Flat. Price: Oversold. Pivot Points: MM3 target MM1. Current moving up looking at selling at resistance as highlighted in the pink zone which is previous support as per the red arrow. See H4 below for further analysis.

Gold H4

Market: Bearish. Price: Bullish. Price is currently at last week's bearish target for the week and we can see bears taking profit on Friday. According to Pivot Point theory price is expected to return to next week's central pivot point. I have drawn a fib on all three of the bearish moves as indicated in the pink zone on the chart above. I am looking to see where next week's WM3 and WPP line up with this resistance. I am also paying attention to confluence with MS1 and MM2 as per my daily chart. I am also paying attention to dynamic resistance at the 21 and 55.

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