XAU/USD Gold short from 2,360 back downThis week, I'm anticipating a bearish drop. I have a clean 12-hour supply zone that has caused a break of structure to the downside. At the start of the week, I expect the price to move towards this zone. If not, we might see a small reaction from the 2-hour zone, leading the price up to the 12-hour supply.
Once the price reaches the 12-hour zone, I'll look for a Wyckoff distribution to form on the lower time frame, then sell the price back down to target the liquidity below, which I have identified as trendline liquidity.
Confluences for GOLD Sellls are as follows:
- Price has been breaking down and confirmed with a BOS on the higher time frame.
- Lots of liquidity below in the form of asia lows and trendline liquidity.
- price is near a good supply zone that has caused a break of structure.
- ATH's was taken and enough liq for price to move back down.
- This trade idea is along the with the current bearish trend.
P.S. If the price breaks this 12-hour supply zone, I will wait for the mitigation of the 2-day supply zone.