XAUUSD POTENTIAL LONG TRADE (COUNTER-TREND) MID TERM
What's going on everybody! Hope you are all having an incredible Sunday so far! I just wanted to get on here and post a potential opportunity I see here on XAUUSD (GOLD) for the next upcoming weeks! So let's dive in!
OK so obviously Gold just came off of a run of all time highs. Failing to move higher and being snapped back down by sellers and supply. We can see price came up and then reacted from that newly formed supply zone. BUT keep in mind this is GOLD. One of the safest and most reliable commodities in the world. If not the greatest over time. So I am always more bullish than bearish on Gold just as a fundamental filter for my trades. OK so with that said there is a very strong demand zone around 1996-1973 an ounce. Keep an eye around this level. I am not saying price is going to go make all time new highs (although it could) I am for sure expecting a nice reaction from this level due to the fact it is a strong psychological demand level in the past and there may still be buyers interested in this price zone!
So keep an eye out for some opportunity just wanted to share this hope you guys have a blessed day! God is good!
Cheers!
OK so obviously Gold just came off of a run of all time highs. Failing to move higher and being snapped back down by sellers and supply. We can see price came up and then reacted from that newly formed supply zone. BUT keep in mind this is GOLD. One of the safest and most reliable commodities in the world. If not the greatest over time. So I am always more bullish than bearish on Gold just as a fundamental filter for my trades. OK so with that said there is a very strong demand zone around 1996-1973 an ounce. Keep an eye around this level. I am not saying price is going to go make all time new highs (although it could) I am for sure expecting a nice reaction from this level due to the fact it is a strong psychological demand level in the past and there may still be buyers interested in this price zone!
So keep an eye out for some opportunity just wanted to share this hope you guys have a blessed day! God is good!
Cheers!