Gold analysis for the week of July 9, 2023.
Updated
Last week I mentioned I wanted to see a bullish week with an sweep of buy side liquidity in the form of previous weeks High as an upside objective. That objective was met perfectly, price did exactly as explained, price fell into an 1hr +FVG forming the low of the week drawing to LWH sweeping the liquidity resting above it.
This week I'm still bullish gold, with great confidence given the fact that the DXY is bearish. Bearish dollar means bullish gold. I'm anticipation at some point this week possibly
Tues/Wed, for the low of the week to form below current price. We do have some high impact news on Wed, in the form of CPI, that I think helps price get to the buy side liquidity.
I go into more detail of potential entries and targets. Have a great week trading.
This week I'm still bullish gold, with great confidence given the fact that the DXY is bearish. Bearish dollar means bullish gold. I'm anticipation at some point this week possibly
Tues/Wed, for the low of the week to form below current price. We do have some high impact news on Wed, in the form of CPI, that I think helps price get to the buy side liquidity.
I go into more detail of potential entries and targets. Have a great week trading.
Note
So far so good... Gold has dipped down into last weeks wick, and also reacted nicely from a 4h +FVG. Although price did not dip all the way down into the consequent encroachment (midpoint) of last weeks wick, that seems a bit suspicious to me and leads me to believe that todays price action was all inducement. I feel either tomorrow Tue. July 11, 2023 or Wed. July 12, 2023 gold will form a new low of the week sweeping the low made today. This is what I'm watching and what I am confidently anticipating.
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