XAU/USD Longs from 2380 or 2340 back up to ATH.

OANDA:XAUUSD   Gold Spot / U.S. Dollar
My bias this week is to look for buying opportunities to reach the all-time high liquidity. The price has been very bullish, breaking structure to the upside, which aligns with the overall trend. I will focus on near-term demand zones to continue this trend, expecting the price to retrace and mitigate one of these zones.

I will monitor either the 15-hour or 17-hour demand zones for signs of price slowing down and forming a Wyckoff accumulation pattern. If the price continues to rise and creates a new all-time high, I will then look for potential sell opportunities as the price comes back down.
Confluences for GOLD Buys are as follows:

- Price broke structure the upside on the higher time frame leaving new zones.

- These higher highs and higher lows indicate the rise of a new uptrend.

- New demand zones are left on the 15hr and the 17hr where I can look for potential buys.

- Still lots of liquidity to the upside that needs to be taken i.e. ATH's

P.S. Once the price enters these zones, I will focus on buying opportunities, as I prefer to trade with the trend. I will only consider short positions if the price significantly breaks down.

With little news this week, happy trading, and I hope you all have a great week!


The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.