XAU/USD Short ideas from 2,395 or 2,420 back down
This week, my analysis for gold is to continue following the current trend of shorts. We have observed another break of structure, which has left a promising supply zone on the 10-hour chart. As the market opens, I expect the price to start forming a distribution near the current levels, potentially leading to a bearish reaction from the 3-hour supply zone.
Alternatively, the price might break through the current zone and rise to the 10-hour supply, which is a more favorable zone to initiate sells. Once the sell positions are triggered, I will look for my next buy opportunity around the 2,330 mark, where a clean daily demand zone is located.
Confluences for GOLD Sells:
The price broke structure to the downside, indicating a short-term bearish trend.
The price has taken out the all-time highs (ATHs) and enough liquidity, which might lead to a downward cascade.
There are new supply zones on the 3-hour and 10-hour charts, which are good points of interest (POIs) for selling.
There is significant liquidity to the downside that needs to be taken, such as the Asia lows.
P.S. Last week, we saw the price react from the 23-hour zone we had marked, indicating a pullback that supports continued selling.
Have a great trading week, and don't forget the Non-Farm Payroll (NFP) report coming this Friday!
Alternatively, the price might break through the current zone and rise to the 10-hour supply, which is a more favorable zone to initiate sells. Once the sell positions are triggered, I will look for my next buy opportunity around the 2,330 mark, where a clean daily demand zone is located.
Confluences for GOLD Sells:
The price broke structure to the downside, indicating a short-term bearish trend.
The price has taken out the all-time highs (ATHs) and enough liquidity, which might lead to a downward cascade.
There are new supply zones on the 3-hour and 10-hour charts, which are good points of interest (POIs) for selling.
There is significant liquidity to the downside that needs to be taken, such as the Asia lows.
P.S. Last week, we saw the price react from the 23-hour zone we had marked, indicating a pullback that supports continued selling.
Have a great trading week, and don't forget the Non-Farm Payroll (NFP) report coming this Friday!
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