Right now, I see gold consolidating within the equilibrium of the previous downtrend price leg, with price violating a key supply zone. The violation suggests potential upside movement, and I’m watching for a mitigation of the latest demand zone. However, within the overall price leg, this is not an ideal price to enter long.
If price breaks below the local demand area, I’ll be looking for a continuation toward lower liquidity zones, targeting the next significant demand zone, where I would look to go long as it is well-priced.
However, if buyers step in aggressively at the local demand zone, a short-term bounce to the last supply zone is possible. If this happens, I’ll be watching closely for liquidity grabs or fake breakouts before confirming a possible short entry targeting the nearest demand zone. If price manages to reclaim ATH, violating the last supply zone, I’ll reassess for bullish long, as it depends on the price delivery.
If price breaks below the local demand area, I’ll be looking for a continuation toward lower liquidity zones, targeting the next significant demand zone, where I would look to go long as it is well-priced.
However, if buyers step in aggressively at the local demand zone, a short-term bounce to the last supply zone is possible. If this happens, I’ll be watching closely for liquidity grabs or fake breakouts before confirming a possible short entry targeting the nearest demand zone. If price manages to reclaim ATH, violating the last supply zone, I’ll reassess for bullish long, as it depends on the price delivery.
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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.