Gold H4 Chart📅 Monthly/Weekly Chart Outlook:
Expect some ranging movement in the upcoming sessions.
📉 Recent Price Action:
This morning, we saw the previous week's low being swept, taking sell-side liquidity. For those unfamiliar, sell-side liquidity refers to the stop-loss orders and sell orders accumulated below a previous low. When these are triggered, it provides the liquidity necessary for larger market participants to enter buy positions at lower prices.
Given this sweep, we anticipate a pullback into the 2352-2364 region before continuing the downward movement.
💡 Trading Plan:
Buying Area: 2291-2303
Look for a reversal on the 5/15-minute chart within this zone.
Target: Aim for 2394-2404 to fill the imbalance left in this area.
📈 Market Insight:
According to the latest COT report, banks added 30,000 contracts net long last week. This suggests that a correction down should be seen as a buying opportunity.
🔔 Disclaimer:
This post is for educational purposes only and does not constitute financial advice. Trading involves substantial risk and is not suitable for every investor. Always conduct your own research before making any trading decisions.
Happy Trading! 🚀📊💰