As price has made new ATHs and swept that liquidity, I now expect price to retrace and come back down, as it seems like the bullish pressure will gradually die down. Once this happens, it will likely cause a correction, bringing the price back down to the 19-hour demand zone.
Once price enters the zone, I will wait for a Wyckoff accumulation on the lower time frame, which will allow for a precise entry. If price breaks past the zone and enters the daily demand, then I will expect a major buyback, as it's a valid zone sitting at a cheap price.
Confluences for GOLD Buys are as follows:
- Price has taken ATHs, indicating that it is very bullish on both the higher and lower time frames.
- A lot of liquidity has been swept, so price will likely retrace to continue its order flow.
- There is a strong demand zone that has caused a break of structure to the upside.
- Imbalance above the 19-hour demand zone needs to be filled before mitigating demand.
- This is a pro-trend trade idea, and with ongoing wars, I only expect gold to become more bullish.
P.S. If price changes character to the downside and leaves a significant supply, I will then wait for a short-term sell to take it back down toward my original POI (19-hour demand zone).
Once price enters the zone, I will wait for a Wyckoff accumulation on the lower time frame, which will allow for a precise entry. If price breaks past the zone and enters the daily demand, then I will expect a major buyback, as it's a valid zone sitting at a cheap price.
Confluences for GOLD Buys are as follows:
- Price has taken ATHs, indicating that it is very bullish on both the higher and lower time frames.
- A lot of liquidity has been swept, so price will likely retrace to continue its order flow.
- There is a strong demand zone that has caused a break of structure to the upside.
- Imbalance above the 19-hour demand zone needs to be filled before mitigating demand.
- This is a pro-trend trade idea, and with ongoing wars, I only expect gold to become more bullish.
P.S. If price changes character to the downside and leaves a significant supply, I will then wait for a short-term sell to take it back down toward my original POI (19-hour demand zone).
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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.