My Analysis this week for gold is for it to keep pushing higher, even though gold has been overbought and we could at any time expect a major correction or distribution. We will be going on. current market structure and currently we have seen another ATH breach as well as multiple break of structures to the upside.
From these demand zones that have been created we will be looking for a small correction a retracement in which price will then re accumulate in one of our POI, to cause another rally to the upside.
Confluences for GOLD Buys are as follows:
- Demand zone on the 4hr and 6hr is near by for potential long setups to formulate.
- Market structure has been very bullish on the lower and higher time frame
- There is asian high above that needs to get taken out as well
- Dollar index has been bearish which means bullish movement for GOLD
P.S. If price breaks through both demand zones i do have an extreme one at 3,020 but if it reaches that low we could expect price to just start moving temporarily bearish.
From these demand zones that have been created we will be looking for a small correction a retracement in which price will then re accumulate in one of our POI, to cause another rally to the upside.
Confluences for GOLD Buys are as follows:
- Demand zone on the 4hr and 6hr is near by for potential long setups to formulate.
- Market structure has been very bullish on the lower and higher time frame
- There is asian high above that needs to get taken out as well
- Dollar index has been bearish which means bullish movement for GOLD
P.S. If price breaks through both demand zones i do have an extreme one at 3,020 but if it reaches that low we could expect price to just start moving temporarily bearish.
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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.