XAU/USD Longs from 2,66.000 back up?
My analysis this week suggests that gold may accumulate around my point of interest at 2,660.00, where a 9-hour demand zone has formed. With liquidity and imbalance left to the upside, price might look to continue in its pro-trend direction.
Alternate Scenario: If price reaches the area around 2,740.00, we might see a retracement or bearish reaction. Given recent bearish pressure that’s led to a CHoCH and BOS, this scenario could align with the current order flow.
Confluences for GOLD Buys:
- A clean, unmitigated demand zone below.
- DXY has shown strong upside movement and may be due for a pullback.
- Significant liquidity lies to the upside.
- The overall market trend remains bullish.
P.S. If price respects the 9-hour supply zone and continues breaking structure to the downside, it could validate a temporary bearish move. Have a great trading week!
Alternate Scenario: If price reaches the area around 2,740.00, we might see a retracement or bearish reaction. Given recent bearish pressure that’s led to a CHoCH and BOS, this scenario could align with the current order flow.
Confluences for GOLD Buys:
- A clean, unmitigated demand zone below.
- DXY has shown strong upside movement and may be due for a pullback.
- Significant liquidity lies to the upside.
- The overall market trend remains bullish.
P.S. If price respects the 9-hour supply zone and continues breaking structure to the downside, it could validate a temporary bearish move. Have a great trading week!
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.