More downside on XAUUSD but only after a retrace.
Price Altitude: Low
Daily Trend: Down
4H Trend: Down
Analysis: XAUUSD has been sold off again creating supply zones and removing demand zones. Follow the trend after retrace back up.
Prediction: Since price is currently low on the price altitude, it is not to our advantage to short at its current position. I would wait for price to retrace back into newly formed 4h Supply @ 1199.62 to short XAUUSD again into daily demand. If Price heads lower and touches demand first, then the 4h short idea will be negated.
Price Points of Interest:
4H Supply @ 1199.62
Daily Demand @ 1190.54
4h Demand inside Daily Demand @ 1184.71
This analysis is meant to be educational, inspirational and confirming of your own analysis. Trade carefully, trade wisely by managing your risk exposure.
Daily Trend: Down
4H Trend: Down
Analysis: XAUUSD has been sold off again creating supply zones and removing demand zones. Follow the trend after retrace back up.
Prediction: Since price is currently low on the price altitude, it is not to our advantage to short at its current position. I would wait for price to retrace back into newly formed 4h Supply @ 1199.62 to short XAUUSD again into daily demand. If Price heads lower and touches demand first, then the 4h short idea will be negated.
Price Points of Interest:
4H Supply @ 1199.62
Daily Demand @ 1190.54
4h Demand inside Daily Demand @ 1184.71
This analysis is meant to be educational, inspirational and confirming of your own analysis. Trade carefully, trade wisely by managing your risk exposure.
Comment:
Short trade on XAUUSD missed by a few pips, Gold continued its way lower as anticipated.