Currently, gold remains very bullish, and this idea aligns with the pro-trend approach. I'm particularly interested in the 16-hour demand zone that caused a break of structure. I will be watching for a Wyckoff accumulation at this level or possibly at a lower demand zone. Regardless, we are approaching strong demand zones.
The plan is to take the price back up to a newly marked supply zone on the 15-hour chart. From there, I might consider possible sells, but for now, I’m focused on buys.
Confluences for GOLD Buys:
Price has broken structure to the upside and is continuing a bullish trend.
There is still a lot of imbalance and liquidity to the upside.
The 16-hour demand zone has been mitigated, and I'm awaiting a Wyckoff accumulation.
This is a pro-trend idea on both the higher and lower time frames.
Price has completed a retracement and appears poised to make a new leg to the upside.
P.S. If the price breaks this demand zone, I will expect it to mitigate a deeper demand level, such as the one on the 23-hour chart.
The plan is to take the price back up to a newly marked supply zone on the 15-hour chart. From there, I might consider possible sells, but for now, I’m focused on buys.
Confluences for GOLD Buys:
Price has broken structure to the upside and is continuing a bullish trend.
There is still a lot of imbalance and liquidity to the upside.
The 16-hour demand zone has been mitigated, and I'm awaiting a Wyckoff accumulation.
This is a pro-trend idea on both the higher and lower time frames.
Price has completed a retracement and appears poised to make a new leg to the upside.
P.S. If the price breaks this demand zone, I will expect it to mitigate a deeper demand level, such as the one on the 23-hour chart.
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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.