It's obvious that that overall swing structure of Gold is bullish, but currently the internal structure has being bearish just to facilitate the pullback of the swing structure.
Currently right now, price is within one of the swing POI (i.e minor demand zone). And at the same time on the lower time frame of 5/15m, price already made a failed reaction to signify that the internal bearish structure is likely to change to bullish up move.
Price already made market shift on the 15m chart, but however we expecting to see more confirmation when price retrace back to the failed reaction zone (flip zone) and further pushes up to break the macro structure of the 15m TF.
THING TO WATCH OUT FOR BEFORE GOING LONG ARE:
*Expecting to see the macro flip zone to hold price up.
*Once the flip zone pushed price up, then expecting to see a break of structure to confirm fully well that the macro structure of the bearish internal structure has shifted bullish.
LASTLY, if none of this happened, that means the minor demand zone doesn't have much liquidity to change the internal bearish order flow. So we wait to see price reaction within the other Swing POI if price continue to pushes downward.
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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.