XAUUSD Longs from 2,490.000 back upMy analysis for gold this week focuses on buying from the 17-hour demand zone, where I expect price to create a new impulsive move to the upside that could potentially take out the previous all-time high (ATH) again. Currently, we see price sweeping a lot of liquidity and family supply zones from last week, which may slow down price and lead it into my 30-minute supply zone.
I will approach this zone cautiously, as it involves counter-trend selling from that point of interest (POI). However, it's an extreme zone at a premium price that remains unmitigated, so I'll watch the price action closely on Monday's open to see if price starts retracing or enters the supply zone.
Confluences for GOLD Buys are as follows:
- Liquidity above that needs to be taken.
- The market is very bullish on both lower and higher time frames, making this a pro-trend trade idea.
- Fundamental and sentiment-driven news also suggests that price will remain bullish.
- Price failed to hold two new supply zones last week.
- A 17-hour demand zone has been created, which looks promising for possible buys.
P.S. If the ATH is taken out and my 30-minute supply zone fails, I will wait for a new demand zone to form closer to the price before looking for a new supply. Ideally, we get that retracement before continuing the bullish move.
Have a great trading week, guys!
