Gold Analysis for the week of June 4, 2023
With FOMC this past Friday two things could be playing out for XAUUSD (Gold). The FOMC news could be the catalyst for a downside pullback for higher prices, or could be the expansion move that actually takes price lower, to what I believe is drawing towards a weekly buy side imbalance sell side inefficiency. If we anticipate the week to be bearish, then this is the idea that I will be looking for to play out.
If we are bearish, I would like to see the week open high into a premium array. After the high is put in on either Mon, Tues, or Wed. I would like to see strong expansion to the downside drawing towards weekly sell side liquidity as well as the consequent encroachment of the weekly BISI.
If the week is contrary then I would look for a low to be put in the market on either Mon, Tues, Wed, sweeping either daily or weekly lows before displacement to the upside seeking a premium array to take prices lower. If you have any questions or comments, please leave them in the section below. Thanks.
If we are bearish, I would like to see the week open high into a premium array. After the high is put in on either Mon, Tues, or Wed. I would like to see strong expansion to the downside drawing towards weekly sell side liquidity as well as the consequent encroachment of the weekly BISI.
If the week is contrary then I would look for a low to be put in the market on either Mon, Tues, Wed, sweeping either daily or weekly lows before displacement to the upside seeking a premium array to take prices lower. If you have any questions or comments, please leave them in the section below. Thanks.
Trade closed: target reached:
Objective met...