XAUUSD weekly bias
So XAUUSD has shown us in the last week that it may have to downside potential... this is due to the tap into supply above along with a breakdown of some of our midterm structures, we have yet to confirm this downtrend so we don't want to bank on it just yet...
With the CPI looming and a heavy FVG above we could be set to clear some gaps and head lower, Of course, this is dependent on the CPI results, but overall we are looking for possible bearish moves lower.
Remember, overall gold is in an uptrend, so we could just see the price continuing in that movement. But if we see a clear reaction at one of our points of supply above, then we could look to take price short.
If we see Price had lower in the beginning of the week, this would make me believe that an upward shift coming in the latter half of the week is very probable. If we see an upward shift at the beginning of the week with a consolidation midweek, we could see the drop coming for the CPI.
As per all trade ideas, we will be watching this on a lower time frame to establish whether price truly wants to move in the direction we believe.
With the CPI looming and a heavy FVG above we could be set to clear some gaps and head lower, Of course, this is dependent on the CPI results, but overall we are looking for possible bearish moves lower.
Remember, overall gold is in an uptrend, so we could just see the price continuing in that movement. But if we see a clear reaction at one of our points of supply above, then we could look to take price short.
If we see Price had lower in the beginning of the week, this would make me believe that an upward shift coming in the latter half of the week is very probable. If we see an upward shift at the beginning of the week with a consolidation midweek, we could see the drop coming for the CPI.
As per all trade ideas, we will be watching this on a lower time frame to establish whether price truly wants to move in the direction we believe.
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