XAUUSD for week May 14, 2023.
Updated
See recent video for full breakdown. From a weekly basis gold has been stuck in a range trying to break out for the past 8 weeks and even last week has yet again fallen back into the weekly consolidation range. What I can see from daily perspective is that last weeks price action has rejected a daily volume imbalance and has started to draw towards lower prices. I'm am looking to hunt a bearish entry on the 1hr timeframe. Ideally I would like to see price rally into the midpoint of 1hr -FVG currently above price. My first downside target objective will be 1999.50, hoping for an even further push to take out the longterm liquidity below.
Note
We can see so far we have a nice drop from gold from the 1hr -FVG. Although I don't think this is the real move. It is a nice hint that Gold is most definitely seeking lower prices. I would still like to see price penetrate to at least the middle of that 1hr -FVG before I start looking for the sell. I'm looking for a one shot one kill setup.
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