This week’s analysis for gold reveals a compelling setup. We've observed a bearish reaction from the supply zone I previously identified. With a character change to the upside and a daily demand zone in place, this setup suggests a potential rally.
If price reaches the 2-hour supply zone (Scenario B), I will look for a distribution pattern to consider short-term sells. However, we'll assess this as price progresses.
Confluences for GOLD Buys:
Character Change: Price has shifted to the upside, leaving a robust demand zone.
Accumulation: Recent accumulation suggests readiness for a new rally.
Trend Alignment: Gold remains bullish, reflecting the overall market trend.
External Factors: Ongoing geopolitical events and news typically push gold higher.
P.S. If price surpasses the supply zone, there is a strong likelihood that gold could reach new all-time highs and continue its upward trajectory.
If price reaches the 2-hour supply zone (Scenario B), I will look for a distribution pattern to consider short-term sells. However, we'll assess this as price progresses.
Confluences for GOLD Buys:
Character Change: Price has shifted to the upside, leaving a robust demand zone.
Accumulation: Recent accumulation suggests readiness for a new rally.
Trend Alignment: Gold remains bullish, reflecting the overall market trend.
External Factors: Ongoing geopolitical events and news typically push gold higher.
P.S. If price surpasses the supply zone, there is a strong likelihood that gold could reach new all-time highs and continue its upward trajectory.
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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.