GOLD ATH TAKEN - BEARISH TREND INCOMING!?
This week's outlook on gold is intriguing given its recent high volatility and activity, reaching all-time highs. With liquidity now absorbed to the upside, I anticipate a shift in price direction towards the downside. This could signify the exhaustion of bullish momentum and the formation of a Wyckoff distribution pattern.
In response, I'll be observing for a pullback, although there aren't any valid supply zones yet. Instead, I'll wait for price to retrace to a demand zone, providing an opportunity to buy back up towards a new supply zone. While my bias remains bullish for now, I'm prepared for a minor pullback before considering potential selling opportunities.
Confluences for GOLD Sells are as follows:
- Bullish pressure is getting exhausted and I anticipate a wyckoff distribution to occur soon.
- ATH was taken which is a very strong point of liquidity which is enough to see a shift in trend.
- Price has left lots of imbalances below in which price needs to fill.
- There parabolic movement to the upside requires a pullback which hasn't yet occurred.
- Lots of liquidity below like asian lows that need to get taken as well.
P.S. Once price shifts its behavior on the higher time frame and breaks structure to the downside, I'll be more inclined to pursue selling opportunities and align my trades with the prevailing trend. However, for the time being, we should anticipate price consolidation and a gradual decrease in bullish momentum.
In response, I'll be observing for a pullback, although there aren't any valid supply zones yet. Instead, I'll wait for price to retrace to a demand zone, providing an opportunity to buy back up towards a new supply zone. While my bias remains bullish for now, I'm prepared for a minor pullback before considering potential selling opportunities.
Confluences for GOLD Sells are as follows:
- Bullish pressure is getting exhausted and I anticipate a wyckoff distribution to occur soon.
- ATH was taken which is a very strong point of liquidity which is enough to see a shift in trend.
- Price has left lots of imbalances below in which price needs to fill.
- There parabolic movement to the upside requires a pullback which hasn't yet occurred.
- Lots of liquidity below like asian lows that need to get taken as well.
P.S. Once price shifts its behavior on the higher time frame and breaks structure to the downside, I'll be more inclined to pursue selling opportunities and align my trades with the prevailing trend. However, for the time being, we should anticipate price consolidation and a gradual decrease in bullish momentum.
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