Gold has been working out as per my previous analysis. Now price has respected prev supply and touching demand zone. Reaction here will determine a LL or retest of prev S turned R
VIDEO EXPLANATION OF MY VIEW OF GOLD
Daily - Price is touching a supply area so a rejection on LTF is expected - hence the pullback. HOWEVER if the hashed area is broken then a new low will be formed - shown in red if respected as this is a H4 Demand area then this is HL formation and expect a new high
Macro explanation of Golds expectations
Chart to show lower timeframe views for gold.
Gold is ranging at present so needs to break through to determine structurally continuation or change
Gold has formed a correction to the HTF supply now turned demand area On a day trade purpose, I expect price to wick up to the LTF base high or key level, identified in gold and grey on the chart. IF these are respected BELOW then price will continue BEARISH
TP1 is in line with macro economic view and there is always the possibility of the correction ending here HOWEVER if each descending level is respecting then TP2 + TP3 are the next swing levels
Rejection of sub zone and base structure on higher timeframe.
Price is moving as expected from previous idea post. This shows how we expect price to move today/tomorrow
An update of my view of how XAUUSD will move
See video for my view of how Gold will continue for the remainder of 2020. FYI This is my view only.
Price is moving in line with macro levels, currently falling in line with trendlines and showing signs of structural changes
As expected GBPUSD is falling on LTF but these can only be a structure change if the area shown in the charts is broken - otherwise push up