XAUUSD 8/12/24
Coming Up This Week in Gold
We continue with our bearish bias for gold this week. Last week, price action moved relatively sideways, primarily taking short-term liquidity and consolidating as expected. This consolidation occurred because we didn’t see a clear expansion or a move toward significant liquidity levels. However, two key liquidity lows were taken, validating our downside targets.
On the 4-hour chart, a notable area has been created, indicating a potential "buying in" scenario. This increases the probability of a pullback, though, as always, it’s never guaranteed. There are also areas above where price action may set up for possible sell entries. Focus on these areas for potential short opportunities, targeting liquidity lows. Based on current analysis, we’d expect a move to the downside by midweek or early in the week.
That said, gold is fundamentally driven, and there’s always the possibility of price pushing higher through these liquidity targets without a significant drop. We will monitor these key areas closely, as they continue to hold relevance. If price continues sideways, new areas of interest may develop, such as fresh highs or lows, which could influence future price reactions. For now, it’s clear there is substantial liquidity in the upper range of this consolidation, with major liquidity points lower down.
Remember to stick to your risk management and follow your trading plan.
We continue with our bearish bias for gold this week. Last week, price action moved relatively sideways, primarily taking short-term liquidity and consolidating as expected. This consolidation occurred because we didn’t see a clear expansion or a move toward significant liquidity levels. However, two key liquidity lows were taken, validating our downside targets.
On the 4-hour chart, a notable area has been created, indicating a potential "buying in" scenario. This increases the probability of a pullback, though, as always, it’s never guaranteed. There are also areas above where price action may set up for possible sell entries. Focus on these areas for potential short opportunities, targeting liquidity lows. Based on current analysis, we’d expect a move to the downside by midweek or early in the week.
That said, gold is fundamentally driven, and there’s always the possibility of price pushing higher through these liquidity targets without a significant drop. We will monitor these key areas closely, as they continue to hold relevance. If price continues sideways, new areas of interest may develop, such as fresh highs or lows, which could influence future price reactions. For now, it’s clear there is substantial liquidity in the upper range of this consolidation, with major liquidity points lower down.
Remember to stick to your risk management and follow your trading plan.
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Learn the Orion Trading System on our YouTube!
🚀 Store: tinyurl.com/PSS-store
🤝 Discord: discord.gg/pip-surfing-society-809908301923745813
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