Possibly to see a sell of since we are below the 200 EMA (Red Line). Expect Gold to drop to the High Volume Node indicated from my Volume Profile indicator on the left. Then I expect price to reverse back up to tap Low Volume Node which Low Volume Nodes can act as Support and Resistance levels and areas of Liquidity. I do expect some ranging between Low Volume Nodes and if price does reverse back up from the High Volume Node that I mentioned earlier I will not be surprised to see Gold tap it again and then push back up to tap POC ( Point of Control) and than push a little higher to take out Buy-Side Liquidity from the Supply Zone marked out on my chart and then to see price drop to the Demand Zone. Also we could immediately drop to the Demand Zone and then reverse back up to the Supply Zone. If anything I do expect Gold to drop to the Demand Zone this week. We are in a down trend and looking for longs should not be your approach when trading Gold this 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.