The market has recently distributed out of an institutionally sponsored area of demand (Weekly Bearish OB) which i believe will allow us to see some long term bearish pressure. Ending last week we saw price rebalance after filling a Daily IPA. I want to see the bottom of the imbalance hold as a strong level of support on Intraday Timeframes to push the market back...
In this scope Gold has traded up into and rejected the Mean Threshold of a Daily Bearish orderblock. You can see on the 1H that a sweep of liquidity above a short term low creating distribution of price below previous support of 1707.00. There is also SMT Bearish Divergence on the 1H. Currently I am looking for price to return to a premium array for OTE at the 1H...
Overall Trend: Bullish
Current Market Flow: Bearish- consolidation at the top of the trend with with price rapidly breaking back under a 1D Resistance around 0.9850 and is coming back to retest structure
Market Patterns: Triple Top
Targets: 1) 0.9800 / 2) 0.9750 / 3) 0.9650
Overall Trend: Bearish
Current Market Flow: Bullish - consolidation at the bottom of the trend with with price rapidly breaking back to the upside
Bullish Order Block: @1.1600 --> Price has been mitigated from this price area
Targets: 1) 1.1900 / 2) 1.2000 / 3) 1.2250
