My analysis for GOLD this week focuses on the continuation of the strong bullish trend. GOLD has shown impulsive movement and reacted perfectly to the demand zone I marked out last week. This reaction led to a break of structure to the upside, further confirming the bullish direction.
Now, with new demand zones formed, I’ll be waiting for the price to retrace back to either the 1-hour or 3-hour demand zone before the next bullish rally. From there, I plan to buy up to the Asian high, which is positioned just above the nearest supply zone.
Confluences for GOLD Buys:
- Price reacted strongly off last week’s demand zone and remains bullish.
- Both the short-term and long-term trends are bullish.
- Price has broken structure to the upside again, confirming direction.
- An Asian high above needs to be taken, providing a clear target.
Note: If the price moves up first, I may consider a quick sell from the 1-hour supply zone. However, I’ll wait for additional confirmations before taking any counter-trend trades.
Now, with new demand zones formed, I’ll be waiting for the price to retrace back to either the 1-hour or 3-hour demand zone before the next bullish rally. From there, I plan to buy up to the Asian high, which is positioned just above the nearest supply zone.
Confluences for GOLD Buys:
- Price reacted strongly off last week’s demand zone and remains bullish.
- Both the short-term and long-term trends are bullish.
- Price has broken structure to the upside again, confirming direction.
- An Asian high above needs to be taken, providing a clear target.
Note: If the price moves up first, I may consider a quick sell from the 1-hour supply zone. However, I’ll wait for additional confirmations before taking any counter-trend trades.
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.
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.