The week starts.
R3 4254
R2 4225
R1 4207
Pivot 4178
S1 4149
S2 4131
S3 4102
Gold opened at 4190, a few dollars under Friday’s close, and is trading at 4188.
Where we left it
Friday’s squeeze broke higher, through every level above the pivot and on to 4205, where sellers turned it back. Price held above Friday’s R3 into the close.
This week’s first map lines up with what Friday showed us. R1 at 4207 sits on 4205, where sellers stopped price on Friday. R2 at 4225 sits just under 4228, the bigger resistance where the bearish picture gets tested. When a new level lands on an old one, that zone tends to matter more.
Price is above the pivot.
R1 at 4205–4207 is the level that matters first.
A clear hourly close above R1: R2 at 4225–4228 is next.
If R1 holds again, sellers will try to take price back to the pivot at 4178.
Friday’s range was $76, wider than Thursday’s squeeze. There is $58 between S1 and R1, and $152 from S3 to R3. Normal width, so wait for the hourly close and the retest.
The week ahead: US CPI on Wednesday at 13:30 UK, the big one. The full calendar comes with the Morning Map.
Back for London.