527 PIPS GOING STRONG! Where will Gold go Next?
XAUUSD527 Pips PROFIT since I last shared my thoughts here.
Referring my previous analysis regarding the failure of price closing above the order block immediately after sweeping liquidity, a strong move on Monday has shown that the previous swing low of the 4h uptrend will most likely be broken, signaling a potential short-term downtrend.
Where will price go next?
Looking down on the immediate left on the 4H timeframe, we can see two order blocks that were points of origin of an impulsive move.
Which one will price react to?
As trading is an art of analyzing probabilities, price has the potential to bounce directly on the first order block. However, what's most likely will happen is a Support will form on the first order block. When buyers have started to enter their positions, price will most likely make an impulsive move to the order block immediately below it, sweeping the liquidity, reversing, and ending the move downwards.
Is this confirmed?
No, but I will love to share my thoughts with everyone here as price comes close to the levels mentioned.
Who am I?
My name is Sya, a trader for 8 years now, and I share my knowledge about trading for free as I believe everyone should have access to education.
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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.