XAU/USD Longs from 2020.000 up towards 2055.000
My outlook for gold this week remains bullish. The robust response we witnessed from the daily demand zone two weeks ago has been a significant driver of the ongoing bullish momentum. I anticipate this trend to persist, and my strategy revolves around awaiting a minor retracement.
I'm particularly eyeing a pullback towards the 6-hour demand zone, which emerged after the upside structural break. Within this zone, I've identified a refined 4-hour area, expecting it to be tested during a potential Wyckoff accumulation phase.
Confluences for GOLD Buys are as follows:
- Price recently responded strongly to a daily demand, prompting a shift in its upward trajectory.
- A clear, untouched 6-hour demand zone emerged, causing the break in market structure and affirming the bullish trend.
- Lots of liquidity still above in the form of asian highs and equal highs that need to be swept.
- Market overall bias on the higher time frame is still very much bullish so this is pro trend.
- Expect price to have a small retracement to mitigate a new demand to continue trend.
- Candlestick anatomy shows that price has strong bullish momentum still left.
P.S. Despite observing an Asian low below my Demand Point of Interest (POI), I anticipate it to remain intact, leading to another upward rally towards the supply zone around 2055.000. In this zone, I foresee a slight price decline, presenting an opportunity to potentially enter short positions.
I'm particularly eyeing a pullback towards the 6-hour demand zone, which emerged after the upside structural break. Within this zone, I've identified a refined 4-hour area, expecting it to be tested during a potential Wyckoff accumulation phase.
Confluences for GOLD Buys are as follows:
- Price recently responded strongly to a daily demand, prompting a shift in its upward trajectory.
- A clear, untouched 6-hour demand zone emerged, causing the break in market structure and affirming the bullish trend.
- Lots of liquidity still above in the form of asian highs and equal highs that need to be swept.
- Market overall bias on the higher time frame is still very much bullish so this is pro trend.
- Expect price to have a small retracement to mitigate a new demand to continue trend.
- Candlestick anatomy shows that price has strong bullish momentum still left.
P.S. Despite observing an Asian low below my Demand Point of Interest (POI), I anticipate it to remain intact, leading to another upward rally towards the supply zone around 2055.000. In this zone, I foresee a slight price decline, presenting an opportunity to potentially enter short positions.