This Week's Analysis for Gold:
This week, I'm expecting gold to weaken and potentially consolidate. The slight bearish reaction we've observed may indicate that bullish momentum is losing strength. Additionally, with the recent Change of Character (CHOCH) to the downside, an unmitigated 7-hour supply zone has been created, which could prompt a revisit from price.
From that level, I anticipate a potential selling opportunity. Once price taps into this zone, I'll be looking for distribution on the lower timeframe to refine my entry.
Confluences for Gold Sells:
DXY has shown strong bullish movement, and I expect the dollar to keep strengthening.
Gold has shifted to a bearish character, signalling weakness.
A clean, unmitigated supply zone is in place, where price may retrace.
Significant liquidity to the downside and an imbalance that needs filling.
Gold has been heavily bullish and may require a corrective move.
P.S. If this turns out to be a retracement and price continues upward, I’ll look for potential buys at the 2,680 level. Have a great trading week!
This week, I'm expecting gold to weaken and potentially consolidate. The slight bearish reaction we've observed may indicate that bullish momentum is losing strength. Additionally, with the recent Change of Character (CHOCH) to the downside, an unmitigated 7-hour supply zone has been created, which could prompt a revisit from price.
From that level, I anticipate a potential selling opportunity. Once price taps into this zone, I'll be looking for distribution on the lower timeframe to refine my entry.
Confluences for Gold Sells:
DXY has shown strong bullish movement, and I expect the dollar to keep strengthening.
Gold has shifted to a bearish character, signalling weakness.
A clean, unmitigated supply zone is in place, where price may retrace.
Significant liquidity to the downside and an imbalance that needs filling.
Gold has been heavily bullish and may require a corrective move.
P.S. If this turns out to be a retracement and price continues upward, I’ll look for potential buys at the 2,680 level. Have a great trading week!
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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.