XAUUSD │ GOLD │ WEEKLY OUTLOOK
Weekly timeframe
After we retraced about 50% of the last impulse and into a weekly fair value gap, it seems as though price is fighting to extend. The old highs is one point of interest for profit taking, should we emphatically break beyond the high 2500 is a huge possibility.
Daily timeframe
Now that all that uncleared Asian session buy side is taken out, we can do one of two things, continue higher with no pull back or price may actually pull back towards the bullish daily fair value gap before making its way, possibly, to 2500.
Four-Hour timeframe
There are a few scenarios possible here, if the bulls aren’t strong enough they may want to gather as much liquidity is possible and this mean that they may draw price to 2374.020 to take out the sell side liquidity as well as tap into the daily fair value gap at 2371.220. This immediately draws places us in discount levels, which is always a great opportunity to scout for potential buys.
Final Thoughts
Overall, the actual draw is the old high, so we may see it smash through there in the opening bell but a potential shake off all most bulls is possible as price may draw towards the liquidity between 2371.220 – 2374.020.
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