I expect gold to continue pushing higher due to strong bullish momentum and the consistent bullish market structure. Now that price has taken last week's all-time high (ATH), a correction is likely this week before further upside movement.
The previous low was mitigated and showed a small reaction, but I anticipate it may fail, leading to a deeper retracement into the 6-hour demand zone that previously caused a Break of Structure (BOS). If price accumulates well in this area, we can expect a strong bullish rally.
Confluences for Gold Buys:
- Gold has been consistently bullish, forming strong higher highs and higher lows.
- Clean demand zones remain unmitigated below, which may need to be tapped before further upside.
- Fundamentals: Rising geopolitical tensions and policy shifts by Trump have increased uncertainty, strengthening gold as a safe-haven asset.
- There is still liquidity above that price may target.
Note: If price breaks the low and forms a clean supply zone, we could see the start of a short-term bearish trend, as the recent ATH sweep has taken a significant amount of liquidity.
The previous low was mitigated and showed a small reaction, but I anticipate it may fail, leading to a deeper retracement into the 6-hour demand zone that previously caused a Break of Structure (BOS). If price accumulates well in this area, we can expect a strong bullish rally.
Confluences for Gold Buys:
- Gold has been consistently bullish, forming strong higher highs and higher lows.
- Clean demand zones remain unmitigated below, which may need to be tapped before further upside.
- Fundamentals: Rising geopolitical tensions and policy shifts by Trump have increased uncertainty, strengthening gold as a safe-haven asset.
- There is still liquidity above that price may target.
Note: If price breaks the low and forms a clean supply zone, we could see the start of a short-term bearish trend, as the recent ATH sweep has taken a significant amount of liquidity.
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.
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.