This week’s price action on GOLD is shaping up to be very interesting. After weeks of sustained bearish pressure, price has now entered a discounted 2hr demand zone sitting at a swing low, which makes it a high-probability area for a bullish reaction, especially as markets open.
If we do get the expected bullish reaction from this level, I’ll be watching the 3,370 region, where there’s a clean 5hr supply zone. If price reaches that level, I’ll be looking out for distribution and a potential short setup from there.
Confluences for GOLD Longs:
Price has been very bearish recently, so a retracement is expected
Currently sitting in a discounted 2hr demand zone
The overall long-term trend is still bullish
Early signs of accumulation and bullish reaction from this zone
P.S. If price fails to hold this current demand zone and breaks lower, then bearish momentum may continue. In that case, I’ll look for new long opportunities around 3,290 where a deeper demand zone exists.
If we do get the expected bullish reaction from this level, I’ll be watching the 3,370 region, where there’s a clean 5hr supply zone. If price reaches that level, I’ll be looking out for distribution and a potential short setup from there.
Confluences for GOLD Longs:
Price has been very bearish recently, so a retracement is expected
Currently sitting in a discounted 2hr demand zone
The overall long-term trend is still bullish
Early signs of accumulation and bullish reaction from this zone
P.S. If price fails to hold this current demand zone and breaks lower, then bearish momentum may continue. In that case, I’ll look for new long opportunities around 3,290 where a deeper demand zone exists.
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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.