XAU/USD | Towards key Demand Zone!

May 15

After reaching the Supply Zone earlier this week, Gold dropped massively since last night, from above 4700 all the way 4531 level! After reaching the Demand Zone, it bounced back up and is currently being traded at 4552.

Now, I expect Gold to drop further towards the 4501 and 4482 levels respectively to sweep the liquidity pool below them. Then there's the key Demand Zone for Gold to bounce back up strongly from; if Gold fails at going back up after reaching the demand zone, further drop towards 4400 level is expected.

Key Demand Zone: 4424-4475

However, if Gold manages to stabilize above the upper Demand zone, It could go higher towards the 4600 psychological resistance level.

May 18

Trade active

Well hello folks, hope you are well.

As you can see in the 4H chart of Gold, it managed to sweep the Relative Equal Lows and the Buyside Liquidity there at below the 4482 level and then bounced back up from there, rather than reaching the Demand Zone and go up from there by 50 pips.

Now if Gold goes towards the 4588 level, if it breaks above it and stabilize there, I expect further rise towards the 4613 resistance level.
However, if Gold fails at testing the 4588 level, I expect drop to the 4545 support level.
If Gold drops further below the 4512 level, a drop to the 4424-4475 Demand Zone is expected.