Gold Spot / U.S. DollarUpdated Gold Hit Liquidity Zone: Bullish Sentiment Ahead?
So, gold quotes have hit the 'liquidity zone', where buyers trading the 'Engulfing' pattern are lurking, and we're seeing a breakout of the local high (on lower timeframes).
You know the mantra: the market is always hunting for liquidity. Here's a textbook example.
These zones have a solid predictive sentiment. If the quotes continue to 'chop' within a narrow range, having reached such a zone, then there's a higher probability of further upside movement, in other words, the market is kinda benevolent towards stuck bulls and doesn't want to see their blood spilled anymore."
You know the mantra: the market is always hunting for liquidity. Here's a textbook example.
These zones have a solid predictive sentiment. If the quotes continue to 'chop' within a narrow range, having reached such a zone, then there's a higher probability of further upside movement, in other words, the market is kinda benevolent towards stuck bulls and doesn't want to see their blood spilled anymore."
Note
The market is stalling at the level of "stuck" buyers, which is clearly of interest to the market. A move above $2398 and consolidation above it would be a bullish signal. Until then, opening longs is not safe, in my opinion.
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Related publications
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.