Gold has been in a strong bullish uptrend for the past few weeks, so I’m not surprised that price has once again reached all-time highs. As anticipated, price mitigated the demand zone and continued pushing upward.
For this week, I expect price to accumulate and retrace back down to my 11-hour demand zone, where I anticipate signs of weakening before a new bullish move to the upside. Since this demand zone was responsible for the recent break of structure, it has become my point of interest (POI).
Confluences for Gold Buys:
✅ Price remains in a strong bullish trend, consistently forming higher highs and higher lows.
✅ The clean 11-hour demand zone that initiated the last upside move remains unmitigated.
✅ There is liquidity resting above, including the newly formed trendline, which is likely to be taken.
✅ This setup aligns with the overall bullish trend, reinforcing my long bias.
Alternative Scenario:
If price fails to hold at the 11-hour demand zone and breaks the major low, we could see a temporary bearish phase or a potential reaction from the 7-hour demand zone instead.
Wishing everyone a great trading week! 🔥📈
For this week, I expect price to accumulate and retrace back down to my 11-hour demand zone, where I anticipate signs of weakening before a new bullish move to the upside. Since this demand zone was responsible for the recent break of structure, it has become my point of interest (POI).
Confluences for Gold Buys:
✅ Price remains in a strong bullish trend, consistently forming higher highs and higher lows.
✅ The clean 11-hour demand zone that initiated the last upside move remains unmitigated.
✅ There is liquidity resting above, including the newly formed trendline, which is likely to be taken.
✅ This setup aligns with the overall bullish trend, reinforcing my long bias.
Alternative Scenario:
If price fails to hold at the 11-hour demand zone and breaks the major low, we could see a temporary bearish phase or a potential reaction from the 7-hour demand zone instead.
Wishing everyone a great trading week! 🔥📈
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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.