These are levels that I'll be keeping an eye on when dealing with XAUUSD, and I'll revise as price action progresses.
I adapt to the change in money flow.
I always like to stay neutral due to how market conditions can change up in a short period of time, but I can say that I'm bearish on Gold.
Key Notes:
*P.A. is at high end of curve
*Monthly ranges have been absorbed
*New weekly low formed
*Weekly bearish leg
I believe this rally is short term due to price experiencing a correction phase. I would think different ONLY if there was a descending channel forming which would then tell me that going further down to create new lows might not take place (at that particular time) since price's intent wouldn't be to go lower. Price can potentially rally close to the previous weekly low (see chart) before the bears re-enter the market to takeover.
Just my thoughts...
I adapt to the change in money flow.
I always like to stay neutral due to how market conditions can change up in a short period of time, but I can say that I'm bearish on Gold.
Key Notes:
*P.A. is at high end of curve
*Monthly ranges have been absorbed
*New weekly low formed
*Weekly bearish leg
I believe this rally is short term due to price experiencing a correction phase. I would think different ONLY if there was a descending channel forming which would then tell me that going further down to create new lows might not take place (at that particular time) since price's intent wouldn't be to go lower. Price can potentially rally close to the previous weekly low (see chart) before the bears re-enter the market to takeover.
Just my thoughts...