Scenario A:
Gold is looking promising for upcoming sells within the 2-day supply zone. As price has been bullish, I expect it to slow down and weaken when approaching this supply. Once price mitigates, I anticipate a Wyckoff distribution to form, providing a precise entry for a valid sell.
Scenario B:
If price retraces before reaching the supply and enters a demand zone, I will look to buy back up towards the supply, following the current bullish trend. Key zones include the 16-hour demand zone or the daily demand zone, where I will be looking to enter buys.
Confluences for Gold Shorts:
- Price has been bullish and requires a retracement.
- Entering a 2-day supply zone that has caused a CHOCH to the downside.
- Lots of liquidity to the downside that needs to be taken.
- If price wants to continue going up, it must retest a demand zone I have marked.
P.S. Scenario C:
If price breaks past the 2-day supply and continues rallying, it will likely carry on its long-term bullish trend, potentially breaking new all-time highs.
Gold is looking promising for upcoming sells within the 2-day supply zone. As price has been bullish, I expect it to slow down and weaken when approaching this supply. Once price mitigates, I anticipate a Wyckoff distribution to form, providing a precise entry for a valid sell.
Scenario B:
If price retraces before reaching the supply and enters a demand zone, I will look to buy back up towards the supply, following the current bullish trend. Key zones include the 16-hour demand zone or the daily demand zone, where I will be looking to enter buys.
Confluences for Gold Shorts:
- Price has been bullish and requires a retracement.
- Entering a 2-day supply zone that has caused a CHOCH to the downside.
- Lots of liquidity to the downside that needs to be taken.
- If price wants to continue going up, it must retest a demand zone I have marked.
P.S. Scenario C:
If price breaks past the 2-day supply and continues rallying, it will likely carry on its long-term bullish trend, potentially breaking new all-time highs.
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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.