Gold futures outlook for the week of July 5
Hello Ice Cold traders, here is my update for the week ahead. As per my previous analysis, price came into the 1hr supply zone and reacted well for a short of 14 points. All previous demand zones are still holding on and new demand zones are being created as well.
What does this mean for gold?
We can expect price to drop in search of quality demand zones to carry on moving to the upside. (My opinion for higher TF trend)
Even if the overall trend is UP, that doesn't mean we can't short the market as well. However, these trades will be riskier and will only work when price hits the right structures and location of these zones. (Be careful)
With that being said, we are also approaching higher TF resistance areas. This is where it gets a bit tricky. We should expect some sideways market movement and hoping for price to break to the upside and also breaking the resistance line. While price is building, we should be looking for rally-base-rally (RBR) to form in order to confirm total market sentiments. If a drop-base-drop (DBD) forms, then we would need to re-evaluate our thoughts and strategy on how we should tackle the market. As prices, will always search for quality supply/demand zones. We should be able to see how the overall higher TF trend pans out and that would give us a clearer answer.
Hope you traders are enjoying my analysis. Do drop me a comment if you would like to hear from me more! Looking forward to hearing from you all.
Thank you for the likes and follow! It really motivates me to keep my journey going and sharing my analysis with everyone.
Do give me a follow, like and comment! 😊
Thank you!
Icecoldbear
What does this mean for gold?
We can expect price to drop in search of quality demand zones to carry on moving to the upside. (My opinion for higher TF trend)
Even if the overall trend is UP, that doesn't mean we can't short the market as well. However, these trades will be riskier and will only work when price hits the right structures and location of these zones. (Be careful)
With that being said, we are also approaching higher TF resistance areas. This is where it gets a bit tricky. We should expect some sideways market movement and hoping for price to break to the upside and also breaking the resistance line. While price is building, we should be looking for rally-base-rally (RBR) to form in order to confirm total market sentiments. If a drop-base-drop (DBD) forms, then we would need to re-evaluate our thoughts and strategy on how we should tackle the market. As prices, will always search for quality supply/demand zones. We should be able to see how the overall higher TF trend pans out and that would give us a clearer answer.
Hope you traders are enjoying my analysis. Do drop me a comment if you would like to hear from me more! Looking forward to hearing from you all.
Thank you for the likes and follow! It really motivates me to keep my journey going and sharing my analysis with everyone.
Do give me a follow, like and comment! 😊
Thank you!
Icecoldbear
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.