Gold has been showing interesting price action around key levels, forming a potential double top structure. The market tested the 2,930.19 resistance level, rejecting it sharply and showing signs of exhaustion.
Possible Scenario:
- Point A: Price is currently reacting from a key resistance level where liquidity is stacked.
- Point B: A potential sweep of liquidity around 2,874.04, where price could create a demand zone before reversing.
- Point C: If buyers step in after the liquidity grab at B, we could see a rally back into the resistance zone, targeting a break of 2,930.19.
However, if the structure breaks lower without a strong buyer reaction, further downside could come into play, possibly targeting 2,820 as the next liquidity zone.
Key Considerations:
- Monitoring fundamental catalysts such as economic data and interest rate decisions. With NFP and Fed updates this week, volatility is expected!
- Watching for confirmation of bullish intent after the liquidity grab.
- Tracking volume to gauge potential momentum.
🚀 Do you think gold will hold above 2,874.04, or will bears take over? Drop your thoughts below! 🚀
#Tradingview
XAUUSD
Possible Scenario:
- Point A: Price is currently reacting from a key resistance level where liquidity is stacked.
- Point B: A potential sweep of liquidity around 2,874.04, where price could create a demand zone before reversing.
- Point C: If buyers step in after the liquidity grab at B, we could see a rally back into the resistance zone, targeting a break of 2,930.19.
However, if the structure breaks lower without a strong buyer reaction, further downside could come into play, possibly targeting 2,820 as the next liquidity zone.
Key Considerations:
- Monitoring fundamental catalysts such as economic data and interest rate decisions. With NFP and Fed updates this week, volatility is expected!
- Watching for confirmation of bullish intent after the liquidity grab.
- Tracking volume to gauge potential momentum.
🚀 Do you think gold will hold above 2,874.04, or will bears take over? Drop your thoughts below! 🚀
#Tradingview
XAUUSD Note
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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.