XAU/USD Longs from 2,380 back up (ATH Soon)
My gold bias for this week is bullish. After observing a reaction off the 22-hour supply zone, I expect a further drop to complete a retracement to a nearby demand zone, likely the 16-hour or smaller zones below it.
Given my bullish outlook, I will be looking for buy opportunities. Once price reaches my demand level, I will wait for lower time frame confirmation to take it back up, potentially to the old all-time highs (ATH) or even higher.
Confluences for GOLD Buys are as follows:
- Price has broken structure to the upside and left a 16-hour demand zone.
- Price is near the old ATHs, which is a major liquidity point.
- The overall and current trend for gold is very bullish.
- The DXY is looking bearish, supporting the gold buy ideas.
P.S. If the price continues to rise without a retracement, I will wait for further price action to determine if I can sell down to a demand zone.
Given my bullish outlook, I will be looking for buy opportunities. Once price reaches my demand level, I will wait for lower time frame confirmation to take it back up, potentially to the old all-time highs (ATH) or even higher.
Confluences for GOLD Buys are as follows:
- Price has broken structure to the upside and left a 16-hour demand zone.
- Price is near the old ATHs, which is a major liquidity point.
- The overall and current trend for gold is very bullish.
- The DXY is looking bearish, supporting the gold buy ideas.
P.S. If the price continues to rise without a retracement, I will wait for further price action to determine if I can sell down to a demand zone.
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