XAUUSD Shorts from 2030.000 down towards 1990.000My outlook for gold this week leans bearish, and I'm on the lookout for nearby shorting opportunities to drive the price towards the daily demand zone. Presently, I'm eyeing a clear 5-hour supply zone as a potential selling point. I'll be patient, waiting for a Wyckoff distribution pattern to unfold within this area before considering entry for my sell positions.
The presence of this supply zone has triggered a slight shift in momentum to the downside and left an imbalance, indicating its strength. However, I'm mindful of the trendline liquidity above the zone, which might attract price action to breach it, possibly prompting a reaction from the 22-hour supply zone above.
Confluences for GOLD Shorts are as follows:
- Price is approaching a 5hr supply zone that has caused a CHOCH to the downside.
- Theres an imbalance below that needs filling as well as some liquidity that can be taken.
- Zone also lies within the 0.78 fib range and price is also at a psychological level of 2030.
- Theres lots of liquidity to the downside that needs to be swept as well as an imbalance.
- Price has been moving temporarily bearish short term so this is pro trend idea.
- sentimental analysis also shows that gold is bearish as well.
P.S.While I hold a temporary bearish stance and focus on the 5-hour supply zone, I'm also considering the possibility of price declining without touching my zone to break its structure and reach the daily demand area. In such a scenario, I'll be on the lookout for buying opportunities to ride the upward movement.
