Effectively overpowering any attempts by sellers to intervene. Consequently, new all-time highs (ATHs) have been established, suggesting a continued upward trajectory for gold. Despite the possibility of a significant reversal due to reaching the ATH (a substantial liquidity point), the current presence of bullish candlesticks on the higher time frames indicates that a downturn is not imminent.
Considering the prevailing bullish sentiment, my inclination is to adopt a buying bias, particularly around the nearby demand zone near 2040, which has caused a BOS to the upside. With this setup in place, I anticipate a swift pullback to that region, creating opportunities for engaging in pro-trend trades on the upward movement.
Confluences for XAUUSD Longs are as follows:
- Price has been impulsively bullish to the upside carrying lots of momentum.
- Overall trend on the higher time frame and lower time frame both show a bullish trend.
- ATH's has been taken so I can see a minor correction occurring to fill imbalance below and then mitigate my 8hr demand zone I have marked out.
- Price has left a clean 8hr demand below that has caused a BOS to the upside.
- Dollar is also currently bearish so I can expect gold to keep on rising.
P.S. Given that a majority of individuals have now validated a comparable bullish inclination, I foresee the possibility of a price reversal at this point. The sweeping of significant liquidity, particularly at all-time highs (ATHs), could potentially mark the initiation of a short-term bearish trend. However, it is imperative to closely observe and await price movements to reveal its intentions, allowing us to determine our course of action.
Considering the prevailing bullish sentiment, my inclination is to adopt a buying bias, particularly around the nearby demand zone near 2040, which has caused a BOS to the upside. With this setup in place, I anticipate a swift pullback to that region, creating opportunities for engaging in pro-trend trades on the upward movement.
Confluences for XAUUSD Longs are as follows:
- Price has been impulsively bullish to the upside carrying lots of momentum.
- Overall trend on the higher time frame and lower time frame both show a bullish trend.
- ATH's has been taken so I can see a minor correction occurring to fill imbalance below and then mitigate my 8hr demand zone I have marked out.
- Price has left a clean 8hr demand below that has caused a BOS to the upside.
- Dollar is also currently bearish so I can expect gold to keep on rising.
P.S. Given that a majority of individuals have now validated a comparable bullish inclination, I foresee the possibility of a price reversal at this point. The sweeping of significant liquidity, particularly at all-time highs (ATHs), could potentially mark the initiation of a short-term bearish trend. However, it is imperative to closely observe and await price movements to reveal its intentions, allowing us to determine our course of action.
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