Gold continues to exhibit bullish behavior this week, building on the momentum from last week's significant news event that propelled it to new all-time highs. With price maintaining its bullish stance, this aligns with the broader long-term bullish outlook for gold.
Buy positions have already been initiated, with an eye on the price reaching the 2185 level. At this point, we anticipate a potential retracement or a further upward move to address the imbalance above and potentially touch 2200, where a stronger supply level awaits. However, considering the presence of an Asian high above, there's a possibility of that 4hr failing. Nonetheless, I'll be awaiting confirmation on lower timeframes before taking action.
Confluences for Gold Buys are as follows:
- Price has taken ATHs and has also take break structure to the upside.
- Price has been very bullish in terms of the candle stick anatomy.
- Price has reacted off a strong demand zone that has caused this initial rally to take place.
- Wyckoff distribution has occurred on lower time frame as well.
- Imbalances and asian highs above that need to get taken.
P.S. As price dynamics shift to the downside, the current movement might be temporary. Sellers could gain favor, leading to a potential drop to lower levels.
Have a great trading week guys!
Buy positions have already been initiated, with an eye on the price reaching the 2185 level. At this point, we anticipate a potential retracement or a further upward move to address the imbalance above and potentially touch 2200, where a stronger supply level awaits. However, considering the presence of an Asian high above, there's a possibility of that 4hr failing. Nonetheless, I'll be awaiting confirmation on lower timeframes before taking action.
Confluences for Gold Buys are as follows:
- Price has taken ATHs and has also take break structure to the upside.
- Price has been very bullish in terms of the candle stick anatomy.
- Price has reacted off a strong demand zone that has caused this initial rally to take place.
- Wyckoff distribution has occurred on lower time frame as well.
- Imbalances and asian highs above that need to get taken.
P.S. As price dynamics shift to the downside, the current movement might be temporary. Sellers could gain favor, leading to a potential drop to lower levels.
Have a great trading week guys!