I anticipate that gold will continue rising from the current price level around 2,880, targeting the relative equal highs above. Once price sweeps this liquidity, it will establish a new all-time high (ATH).
However, if price starts to accumulate and slow down, we could see a deeper mitigation, possibly into the 7-hour demand zone or even the 6-hour demand zone below. This would set the stage for a larger move to the upside.
Confluences for XAU/USD Buys:
- Price has broken structure to the upside and remains in a strong bullish trend.
- Relative equal highs above provide a liquidity target for price.
- Price is currently sitting in a 4-hour demand zone, with additional key demand areas nearby.
- Gold continues to rally, supported by ongoing geopolitical tensions.
P.S. If price reaches the 6-hour supply zone and starts forming a Wyckoff distribution on the lower time frames, we may see a potential downside move from that point of interest (POI).
However, if price starts to accumulate and slow down, we could see a deeper mitigation, possibly into the 7-hour demand zone or even the 6-hour demand zone below. This would set the stage for a larger move to the upside.
Confluences for XAU/USD Buys:
- Price has broken structure to the upside and remains in a strong bullish trend.
- Relative equal highs above provide a liquidity target for price.
- Price is currently sitting in a 4-hour demand zone, with additional key demand areas nearby.
- Gold continues to rally, supported by ongoing geopolitical tensions.
P.S. If price reaches the 6-hour supply zone and starts forming a Wyckoff distribution on the lower time frames, we may see a potential downside move from that point of interest (POI).
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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.