XAUUSD - History Repeating P3
200MA invalidated my original P2 Theory on smaller TF of 45M. MA acted as support to hold price in the key 1700s supply zone. (So i'm still yet to take any positions)
The temporary purple supply zone at 1723 has become a respected level for both buyers and sellers. A lot of consolidation / sideways price action seems to have built up around this level. With gold now breaking out of the falling wedge we are most likely going to see a wall form. Which is basically a range where buyer and seller momentum is similarly matched. Hence why you get less volatile swings with choppy price action.
Gold in this state tends to trend more clearly bouncing around strong levels of historical price data as both buys and sellers have interests at these price zones.
For me I will be eyeing 618. on the fib (1737) I feel gold will pick up bids if this level breaks-out since it's the mass Apr-Jun 2020 consolidation level. However alot of sellers will be eyeing this level to hammer down gold too since it has already rejected once (double or triple top ?).
As it stands I'm moving to a neutral stance on Gold spot / U.S Dollar. I need more price action to form. XAUUSD is in a strong neutral zone with no clear path as of yet I feel price is just moving in waves IMO.
The temporary purple supply zone at 1723 has become a respected level for both buyers and sellers. A lot of consolidation / sideways price action seems to have built up around this level. With gold now breaking out of the falling wedge we are most likely going to see a wall form. Which is basically a range where buyer and seller momentum is similarly matched. Hence why you get less volatile swings with choppy price action.
Gold in this state tends to trend more clearly bouncing around strong levels of historical price data as both buys and sellers have interests at these price zones.
For me I will be eyeing 618. on the fib (1737) I feel gold will pick up bids if this level breaks-out since it's the mass Apr-Jun 2020 consolidation level. However alot of sellers will be eyeing this level to hammer down gold too since it has already rejected once (double or triple top ?).
As it stands I'm moving to a neutral stance on Gold spot / U.S Dollar. I need more price action to form. XAUUSD is in a strong neutral zone with no clear path as of yet I feel price is just moving in waves IMO.
Related publications
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.