GOLD Long opportunity from 3,050 or 3,020 back to ATH'sThis week, my outlook on gold remains strongly bullish. Price has once again reached its all-time high (ATH) and broken structure to the upside, leaving behind new demand zones that present potential buying opportunities.
The first key area of interest is the nearby 6-hour demand zone. While not the most ideal setup, I will be monitoring how price reacts once it mitigates this level.
Additionally, there is a 15-hour demand zone positioned lower, offering a more favorable entry at a discounted price. This zone was responsible for the break of structure to the upside, making it a strong area of interest. If price reaches this level, I expect a slowdown followed by a buildup of bullish momentum.
Confluences for XAU/USD Buys:
Price has broken structure to the upside on the higher timeframes.
Clean 6-hour and 15-hour demand zones remain unmitigated.
Gold has been consistently bullish across both lower and higher timeframes.
DXY is trending bearish, reinforcing gold’s bullish bias due to their inverse correlation.
Note: There is some liquidity resting below in the form of an equal low and a small trendline. I will wait for confirmation in these areas before making any decisions.
