GOLD Imminent buys towards 2390 sell idea
This week, my analysis for GOLD involves seeking immediate buying opportunities from the 12-hour demand zone where price is currently situated. My strategy is to initiate buys with the aim of targeting the 6-hour supply zone above for potential selling opportunities. Despite the significant drop on Friday, price still appears bullish based on last week's performance, but we might anticipate a reversal in the near future.
In case the current zone fails to hold, there's a demand zone below where we could consider another buying opportunity. This scenario is possible given the substantial liquidity present below my point of interest (POI). With ongoing news about geopolitical tensions, gold could potentially rally further, but we'll closely monitor unfolding events and adjust our approach accordingly this week.
Confluences for GOLD Buys are as follows:
- Price has been very bullish for the past couple of weeks and multiple BOS have taken place.
- War news is happening and as we have seen before gold usually has a bullish reaction from it.
- Price has recently broken structure and is now in a 12hr demand zone.
- Price looking like it's slowing down on lower time frames could get a wyckoff accumulation.
P.S. Gold may experience a decline from the 6-hour supply zone, given the substantial rejection indicated by the long wick on the higher time frame. This downward movement could signal the beginning of a potential bearish trend. Gold presents compelling opportunities for trading this week, with various potential entry points to capitalize on. Let's aim to seize these trading opportunities and capture profitable movements in the market!
In case the current zone fails to hold, there's a demand zone below where we could consider another buying opportunity. This scenario is possible given the substantial liquidity present below my point of interest (POI). With ongoing news about geopolitical tensions, gold could potentially rally further, but we'll closely monitor unfolding events and adjust our approach accordingly this week.
Confluences for GOLD Buys are as follows:
- Price has been very bullish for the past couple of weeks and multiple BOS have taken place.
- War news is happening and as we have seen before gold usually has a bullish reaction from it.
- Price has recently broken structure and is now in a 12hr demand zone.
- Price looking like it's slowing down on lower time frames could get a wyckoff accumulation.
P.S. Gold may experience a decline from the 6-hour supply zone, given the substantial rejection indicated by the long wick on the higher time frame. This downward movement could signal the beginning of a potential bearish trend. Gold presents compelling opportunities for trading this week, with various potential entry points to capitalize on. Let's aim to seize these trading opportunities and capture profitable movements in the market!