XAUUSD After bouncing from the lower low, Gold achieved our upside pullback target in a historical range, the one above 1962 and reached the middle encroachment of it, right below the 1966 price level.
Now, the price action today is back to the downside direction along with the bearish momentum.
There are different possibilities to consider, and at this point, I'll highlight two of them.
Option 1: The price action continues to stay below or narrows towards the 1962 price level to gather more liquidity, enabling it to dive into the next lower low.
Option 2: The price action rallies in the upper zone of the channel initially before accelerating to the downside
Trade active
On a trend line perspective in a lower time frame odds are more on a slow but steady decline towards a 1933 price area target.Trade active
Approaching the current Lower Low. Enjoying the descend.Trade closed manually
I am seeing a Price Action that resembles a Sell Side liquidity Sweep as we are finishing the last New York morning Macros. I am going to bank in my profit at this 1941 level. A remaining $7 remains potentially below but it has been a very productive week already.
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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.