Gold has left us in limbo with the close of the market at 1855 on Friday. Will it fly or dive in the coming week?
Gold has left imbalances on its way up at 1839, 1835, 1832 and 1826, along with liquidity that it needs to grab at 1823 and 1804. However, there is also liquidity it left in its previous visit to the high 1800's at 1872. Gold has currently hit a consolidation zone, it could consolidate here till 1866 and then take a dive down to correct the imbalance at 1839 and maybe also at the same time pay a visit to 1835. If that happens then a buy in the early 1830's would be a good entry however gold could go down further to 1832 and 1826 to correct imbalances there before heading up. If it does hit 1826 then the chances of 1823 are likely and we are probably are then looking at the lower 1800's. However, if gold rebounds from 1835 then the market may be looking up in the near future who knows? I have highlighted on the chart the consolidation zones and order blocks along with liquidity and imbalances to assist you. Trade safe.
Gold has left imbalances on its way up at 1839, 1835, 1832 and 1826, along with liquidity that it needs to grab at 1823 and 1804. However, there is also liquidity it left in its previous visit to the high 1800's at 1872. Gold has currently hit a consolidation zone, it could consolidate here till 1866 and then take a dive down to correct the imbalance at 1839 and maybe also at the same time pay a visit to 1835. If that happens then a buy in the early 1830's would be a good entry however gold could go down further to 1832 and 1826 to correct imbalances there before heading up. If it does hit 1826 then the chances of 1823 are likely and we are probably are then looking at the lower 1800's. However, if gold rebounds from 1835 then the market may be looking up in the near future who knows? I have highlighted on the chart the consolidation zones and order blocks along with liquidity and imbalances to assist you. Trade safe.