GOLD Weekly Outlook – Waiting for a Clean Entry
My focus this week on gold is based around the recent mitigation of the 3H supply zone. It was a clean setup, but unfortunately I didn’t get tapped in — and with it being late Friday, I decided to wait for a better entry, potentially on Monday.
As bullish pressure begins to weaken, I’m also keeping an eye on the 4H supply zone above, which could offer a stronger bearish reaction and a better opportunity to sell.
On the flip side, for any potential bullish continuation, I can see price sweeping the liquidity sitting below and then reacting from the 5H demand zone I’ve marked out. That area could provide the base for a re-accumulation and another move to the upside.
Confluences for GOLD Sells:
- Clear bearish reaction from the 3H supply zone with a completed Wyckoff distribution
- Liquidity to the downside remains untapped
- Weakening bullish momentum opens room for a possible sell-off
- DXY is showing short-term bullish strength, supporting a bearish bias on gold
P.S. If price reverses and takes out the current supply zone, I’ll be watching the next 4H supply zone for further reaction — but in the meantime, I’ll adapt by monitoring for a closer demand zone setup.
Have a great trading week ahead and stay sharp, traders!
My focus this week on gold is based around the recent mitigation of the 3H supply zone. It was a clean setup, but unfortunately I didn’t get tapped in — and with it being late Friday, I decided to wait for a better entry, potentially on Monday.
As bullish pressure begins to weaken, I’m also keeping an eye on the 4H supply zone above, which could offer a stronger bearish reaction and a better opportunity to sell.
On the flip side, for any potential bullish continuation, I can see price sweeping the liquidity sitting below and then reacting from the 5H demand zone I’ve marked out. That area could provide the base for a re-accumulation and another move to the upside.
Confluences for GOLD Sells:
- Clear bearish reaction from the 3H supply zone with a completed Wyckoff distribution
- Liquidity to the downside remains untapped
- Weakening bullish momentum opens room for a possible sell-off
- DXY is showing short-term bullish strength, supporting a bearish bias on gold
P.S. If price reverses and takes out the current supply zone, I’ll be watching the next 4H supply zone for further reaction — but in the meantime, I’ll adapt by monitoring for a closer demand zone setup.
Have a great trading week ahead and stay sharp, traders!
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.
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.