Today, I’m considering two potential scenarios for gold:
🔹 Scenario 1: Weekly High May Form Today (Bearish Outlook)
There’s a possibility that today marks the weekly high. Gold has shown two consecutive strong bullish daily candles (Monday and Tuesday), but there has been no clear Daily manipulation wick so far — a move that often appears before a market reversal.
This raises the likelihood that today could be a trap, enticing late buyers before price shifts into a deeper correction for the rest of the week.
🔹 Scenario 2 (Preferred): Bullish Continuation Toward 3450
Despite that, the broader trend is still bullish. If momentum holds, price may continue to rise and break above the 3450 zone. This scenario aligns better with the current trend structure and remains my preferred outlook.
⚠️ Conditions for Further Longs
If I’m looking to add long positions today, I’ll remain cautious and wait for:
A liquidity sweep into the discount zone (~3400 area) within the current trading range.
Then, I want to see a CISD (Change in State of Delivery) confirmation — ideally on the H1 timeframe.
Only if this condition is met, I’ll look to re-enter long.
🧭 Bias: Bullish overall, but open to bearish setup today
📌 Key Zones:
Discount zone: ~3400
Resistance/Target: 3450
Today’s price action will be critical to determine whether this is a top trap or a clean continuation.
🔹 Scenario 1: Weekly High May Form Today (Bearish Outlook)
There’s a possibility that today marks the weekly high. Gold has shown two consecutive strong bullish daily candles (Monday and Tuesday), but there has been no clear Daily manipulation wick so far — a move that often appears before a market reversal.
This raises the likelihood that today could be a trap, enticing late buyers before price shifts into a deeper correction for the rest of the week.
🔹 Scenario 2 (Preferred): Bullish Continuation Toward 3450
Despite that, the broader trend is still bullish. If momentum holds, price may continue to rise and break above the 3450 zone. This scenario aligns better with the current trend structure and remains my preferred outlook.
⚠️ Conditions for Further Longs
If I’m looking to add long positions today, I’ll remain cautious and wait for:
A liquidity sweep into the discount zone (~3400 area) within the current trading range.
Then, I want to see a CISD (Change in State of Delivery) confirmation — ideally on the H1 timeframe.
Only if this condition is met, I’ll look to re-enter long.
🧭 Bias: Bullish overall, but open to bearish setup today
📌 Key Zones:
Discount zone: ~3400
Resistance/Target: 3450
Today’s price action will be critical to determine whether this is a top trap or a clean continuation.
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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.