XAUUSD My sentiments on gold for today. 1. Last buyer haven, prior to recent one
This is the last place prior to the level gold is sitting on top currently (4.(black)) where buyers would have been really and truly comfortable buying which means we know there could likely be stop losses even below here.
2. Bearish momentum/bearish channel
At this time gold has been bearish for about 7 days and if its one thing you know I believe in is momentum, adhere to whatever the momentum is doing - in this case its selling (bearish) so it is likely IMO to continue to do so - this is further supporting by the elements of my analysis.
3. Buyers stoplosses
The area highlighted in red shows suggested buyers stop losses below the currently obvious buyer havem (4. black) which means this is likely where the market will try to attack to capture that trapped liquidity. Something to think about, if gold had the liquidity to buy, it would. Let this guide you in terms of what you allow yourself to see next.
4. Current Obvious buyer haven
Pay attention to the level I've drawn to show where buyers would be heavily induced to buy at this time, this looks like a gold mine for buys (pun intended lol). Something you'd learn in this space, if it feels to good to be true, it probably is.
5. Possible move
This is what I think is likely to occur, gold will crash below the current obvious buyer haven taking out all previous buyer stops, capturing all that liquidity along the way even attacking the last buyer haven. Then and only then can gold resume it's bullish activities because now it would have enough liquidity to do what it wants.
What are your thoughts?
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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.