XAUUSD │ GOLD │ WEEKLY OUTLOOK - DO NOT COUNT THE BULLS OUT YET

Four-hour timeframe
The consensus is gold is overbought and I agree but considering the geopolitical events around the world is it really? On this timeframe we can see price tapped into demand and rejected the demand as well as the 79% retracement level.

Fifteen-minute timeframe
Our trend is bearish looking at the internal structure but we did tap into the refined four-hour demand and showed signs of rejection. The selloff had no adequate retracement so it is only logical to retrace of the demand it tapped into.

Five-minute timeframe
We saw a change of character as we tapped into both four-hour and fifteen minute POI’s. This could be the signal of the bullish continuation

Final Thoughts
The market although overbought is still in an uptrend. For me, until I see a break of four-hour structure I am not considering swing short positions. I am merely seeing price at discounted levels and buying.

HIGH IMPACT NEWS EVENTS FOR THE TRADING WEEK so watch your calendar.