XAU/USD Shorts from 2077.000 down towards 2032.000
My Gold forecast for this week anticipates a temporary bearish move to clear the liquidity below. With the bullish pressure fading and a shift in character to the downside, there are indications of a brief bearish phase. Given the substantial liquidity below, I expect a descent towards 2032, where a 19hr demand zone is located.
Currently, my strategy involves waiting for a minor upward movement to facilitate a redistribution within my 10hr supply zone. Subsequently, I will explore selling opportunities from that point. Since this entails a counter-trend trade, I'll exercise caution and seek additional confirmation, such as a Break of Structure (BOS), to ascertain that the market is ready for a bearish trajectory.
Confluences for Gold sells are as follows:
- Price has changed character to the downside and has left unmitigated 10hr supply zone.
- Lots of liquidity to the downside in the form of trend line liquidity and Asian lows.
- Price has been moving very bullish recently and is due for a correction.
- If price wants to continue in a bullish direction I expect for price to tap into the 19hr demand.
- Price has recently reacted off a 2hr supply which initiated a downward trend.
P.S. As this is a short-term perspective, my overall outlook for this market remains bullish. I anticipate that price will continue its upward momentum, but it needs to retrace to a more favorable level before embarking on another rally. Hence, I expect a drop to reach and interact with a 19hr demand zone, serving as a potential catalyst for another bullish rally.
HAPPY NEW YEARS TO ALL OF YOU AND HOPE THIS YEAR BRING EVERYONE PROFITABILITY AND CONSISTENCY. LETS CATCH THESE PIPS!
Currently, my strategy involves waiting for a minor upward movement to facilitate a redistribution within my 10hr supply zone. Subsequently, I will explore selling opportunities from that point. Since this entails a counter-trend trade, I'll exercise caution and seek additional confirmation, such as a Break of Structure (BOS), to ascertain that the market is ready for a bearish trajectory.
Confluences for Gold sells are as follows:
- Price has changed character to the downside and has left unmitigated 10hr supply zone.
- Lots of liquidity to the downside in the form of trend line liquidity and Asian lows.
- Price has been moving very bullish recently and is due for a correction.
- If price wants to continue in a bullish direction I expect for price to tap into the 19hr demand.
- Price has recently reacted off a 2hr supply which initiated a downward trend.
P.S. As this is a short-term perspective, my overall outlook for this market remains bullish. I anticipate that price will continue its upward momentum, but it needs to retrace to a more favorable level before embarking on another rally. Hence, I expect a drop to reach and interact with a 19hr demand zone, serving as a potential catalyst for another bullish rally.
HAPPY NEW YEARS TO ALL OF YOU AND HOPE THIS YEAR BRING EVERYONE PROFITABILITY AND CONSISTENCY. LETS CATCH THESE PIPS!