XAUUSD Shorts from 2340 down towards 2300My analysis for gold this week aims to sustain the short-term bearish trend it has initiated. I have identified two promising supply zones away from liquidity that could potentially provide favorable setups. If price retraces initially, I will consider buying from my 4-hour demand zone up to the supply, ensuring I capitalize on available opportunities.
I'll wait for price to slow down and develop a Wyckoff distribution within the 1-hour supply zone. However, there's a possibility of price surging beyond it due to the existing imbalances above. This is because the supply zone I've identified at the extreme top is the most optimal. Additionally, there's still significant liquidity to the downside that must be addressed.
Confluences for GOLD sells are as follows:
- Price has caused a major shift in trend as well as a BOS to confirm this downside move.
- Lots of liquidity left to get taken to the downside like Asia lows and trendlines etc.
- Very clean supply away from liquidity on the 1-hourly as well as the 8-hourly
- If price is still wanting to go up these are still key levels for retracements.
- Gold has been very bullish and buyers are getting exhausted.
- Price has also taken ATH's which is a major liquidity point for price to make a reversal.
P.S. Given the ongoing war, gold tends to maintain its stability and continues to rise, being a robust commodity that doesn't always correlate with the dollar index. At present, I'm awaiting the activation of my points of interest (POIs) to initiate my strategy.
