A technical view of Gold using new weekly pivots. Remember the correspondence between Gold and the US Dollar. As per my post on the Dollar Index, both bulls and bears currently have their monthly targets in play though we fundamentally favor a weak Dollar and the trend on the Dollar is bearish (until that double bottom on Dxy produces a higher high), which means we could see a move higher in Gold despite the possible double top at MM3 which we were looking at last week. Either way – bears sell at resistance and bulls buy at support. Below are the bullish and bearish prices with targets as per this week’s pivot points.

Up next Dollar and Yen pairs.

Gold Daily

A possible double top at MM3 giving bears a target of MM1 with price coming up off MS1 giving bulls a target of MR1.

Gold H4

Price is opening at support and the H4 21 with confluence of MM3 and WM3 above - this price sets up the right shoulder of a crown on H1. Bears are expected to sell here and they will have a target of WM1. MM3 has a target of MM1 which is just below WS2 - I have drawn the bearish move down to this target. Bulls have confluence of support at WPP and MPP and then further support at WM2 - which is the role reversal of last week's previous high. MR1 is just below WM4. Price on H4 is bearish. H1 is oversold.

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