The 1HR chart indicates that the price of XAU/USD (Gold Spot) may move higher to the 2666.15 level, likely to target liquidity at that point. Here's the reasoning:
1. Ascending Trendline Support: The chart shows a series of higher lows, indicating that buyers are stepping in at progressively higher levels, which supports bullish momentum.
2. Liquidity Zone Identification: The 2666.15 level is marked as a "liquidity" zone, suggesting that it may contain stop-loss orders or other forms of resting orders from traders. Market makers often push prices toward such levels to trigger these orders.
3. Overall Market Context: The price action shows multiple attempts to reclaim previous highs, implying a gradual build-up of upward momentum toward the liquidity zone.
If the breakout sustains, the price is likely to hit 2666.15 to capture liquidity before deciding on the next direction.
1. Ascending Trendline Support: The chart shows a series of higher lows, indicating that buyers are stepping in at progressively higher levels, which supports bullish momentum.
2. Liquidity Zone Identification: The 2666.15 level is marked as a "liquidity" zone, suggesting that it may contain stop-loss orders or other forms of resting orders from traders. Market makers often push prices toward such levels to trigger these orders.
3. Overall Market Context: The price action shows multiple attempts to reclaim previous highs, implying a gradual build-up of upward momentum toward the liquidity zone.
If the breakout sustains, the price is likely to hit 2666.15 to capture liquidity before deciding on the next direction.
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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.