Price Altitude: Low
Daily Trend: Down
4H Trend: Down
Analysis: XAUUSD has been sold off again creating supply zones and removing demand zones. Follow the trend after retrace back up.
Prediction: Since price is currently low on the price altitude, it is not to our advantage to short at its current position. I would wait for price to retrace back into newly formed 4h Supply @ 1199.62 to short XAUUSD again into daily demand. If Price heads lower and touches demand first, then the 4h short idea will be negated.
Price Points of Interest:
4H Supply @ 1199.62
Daily Demand @ 1190.54
4h Demand inside Daily Demand @ 1184.71
This analysis is meant to be educational, inspirational and confirming of your own analysis. Trade carefully, trade wisely by managing your risk exposure.
Daily Trend: Down
4H Trend: Down
Analysis: XAUUSD has been sold off again creating supply zones and removing demand zones. Follow the trend after retrace back up.
Prediction: Since price is currently low on the price altitude, it is not to our advantage to short at its current position. I would wait for price to retrace back into newly formed 4h Supply @ 1199.62 to short XAUUSD again into daily demand. If Price heads lower and touches demand first, then the 4h short idea will be negated.
Price Points of Interest:
4H Supply @ 1199.62
Daily Demand @ 1190.54
4h Demand inside Daily Demand @ 1184.71
This analysis is meant to be educational, inspirational and confirming of your own analysis. Trade carefully, trade wisely by managing your risk exposure.
Note
Short trade on XAUUSD missed by a few pips, Gold continued its way lower as anticipated.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.