Xauusdweekly
XAUUSD Weekly Supply ZoneIn March 2022 Gold peaked to 2068 level which was due to the news of Russia and Ukraine War, but it could not hold the price and then crashed all the way to 1684 zone within few months. Now again the opportunity has come where Gold prices are at peak and everyone is in Fear of missing Out, whereas smart money will try to grab some liquidity from the top and then the prices will land, we might see a sharp wick till the 2070 level or even some more to trap before we land the the ground. Keep an eye on this opportunity.
XAUUSD weekly chart analysis from 29 AUG to 2 SEP 2022Gold seems to be moving in respect to a downtrendline & gold might continue to move down to retest 1680 key zone if it makes a breakout of 1711.34 or create new lower low if even closes below 1681.50.
However if it breaks out of 1808.34 with further bullish momentum then it would be making a breakout of the downtrendline & could shift to an uptrend from the downtrend.
Weekly Gold AnalysisWe have recently broken a swing high
this triggers the algorithm to seek higher prices
In order for them to do so they need to create a swing low
to get in trend with the market.
The algorithm buys in down candles not up candles.
We also broke a swing Low on the weekly when gold traded to 1780.
If we don't break the Previous weeks high this will complete the weekly swing High formation.
Once it is formed we can go short on the 3rd candles low.