This week, I’m considering both short- and long-term opportunities on gold. We’ve recently seen a change of character to the downside, and there’s a clean 1-hour supply zone that could trigger a short-term bearish reaction.
That said, there’s also a lot of nearby liquidity resting below, which I expect price to sweep first. If that happens, I’ll be watching the 20-hour demand zone—a strong area that could spark a new bullish rally from the lows.
Confluences for GOLD Buys:
- Price has recently cleared a new all-time high (ATH), indicating continued bullish strength.
- Market structure remains overall bullish, suggesting this move down may be a temporary correction.
- The 20-hour demand zone sits just below key liquidity and looks highly valid.
- Untouched Asia session highs remain above, which price is likely to target.
- The DXY is moving bearish, aligning with a bullish outlook on gold due to their inverse correlation.
Note: If price reacts from the current demand zone (which is also valid), we could see Scenario B play out first—a rally followed by a short move to clear liquidity before heading higher.
Stay patient and trade safe, everyone!
That said, there’s also a lot of nearby liquidity resting below, which I expect price to sweep first. If that happens, I’ll be watching the 20-hour demand zone—a strong area that could spark a new bullish rally from the lows.
Confluences for GOLD Buys:
- Price has recently cleared a new all-time high (ATH), indicating continued bullish strength.
- Market structure remains overall bullish, suggesting this move down may be a temporary correction.
- The 20-hour demand zone sits just below key liquidity and looks highly valid.
- Untouched Asia session highs remain above, which price is likely to target.
- The DXY is moving bearish, aligning with a bullish outlook on gold due to their inverse correlation.
Note: If price reacts from the current demand zone (which is also valid), we could see Scenario B play out first—a rally followed by a short move to clear liquidity before heading higher.
Stay patient and trade safe, everyone!
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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.
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.