Gold is now looking very promising for another impulsive move to the upside which I'm expecting to happen around the price of 1920-1930. As price is approaching I'm waiting for a wyckoff accumulation to play out and a clean CHOCH so we can enter our buys back up.
As there is some asian lows around that region between the 5hr and the 4 demand, I would wait for that to get taken in the form of a spring to generate a better quality setup without there being potential reversal magnets against our trades. We will be targeting the 1960 POI as there is a good supply there that could potentially get respected however, as there is lots of liquidity lying above I would be expecting all of it taken as I am overall BULLISH on gold.
Confluences for XAUUSD Longs are as follows:
- Price approaching a strong level of demand (5hr & 4hr) that has caused BOS to the upside.
- The trend of the market is overall bullish and expect gold to take ATH's eventually.
- Price has swept lots of trend-line liquidity on the way down and has filled in imbalances that was left from the previous impulsive move to the upside.
- Lots of liquidity lying above in the form of trend line liquidity and lots of untouched Asia highs.
- Bearish momentum is now getting exhausted as we see price slow down ready for a potential reversal in the market back up.
P.S. Im looking forward for this move to play out post CPI as I don't personally trade news events due to its extreme volatility. However, as this will be a trade with the overall trend we can definitely be expecting another major rally that will break structure the upside.
As there is some asian lows around that region between the 5hr and the 4 demand, I would wait for that to get taken in the form of a spring to generate a better quality setup without there being potential reversal magnets against our trades. We will be targeting the 1960 POI as there is a good supply there that could potentially get respected however, as there is lots of liquidity lying above I would be expecting all of it taken as I am overall BULLISH on gold.
Confluences for XAUUSD Longs are as follows:
- Price approaching a strong level of demand (5hr & 4hr) that has caused BOS to the upside.
- The trend of the market is overall bullish and expect gold to take ATH's eventually.
- Price has swept lots of trend-line liquidity on the way down and has filled in imbalances that was left from the previous impulsive move to the upside.
- Lots of liquidity lying above in the form of trend line liquidity and lots of untouched Asia highs.
- Bearish momentum is now getting exhausted as we see price slow down ready for a potential reversal in the market back up.
P.S. Im looking forward for this move to play out post CPI as I don't personally trade news events due to its extreme volatility. However, as this will be a trade with the overall trend we can definitely be expecting another major rally that will break structure the upside.
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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.