XAUUSD │ GOLD │ WEEKLY OUTLOOK
Four-hour timeframe
After two weeks of decline the bulls has stepped in breaking structure highs. The only questions remains is whether this is the continuation of the uptrend or just a correction. Price has tapped into a discounted fair value gap, resulting in a slight overpowering of bull strength but nothing major. A bearish draw on liquidity may result in price trading to the 2320 zone, the inverse draw may be towards 2392 or higher if the bulls like.
Fifteen-minute timeframe
Two days’ worth sell side liquidity has been unmitigated, will the market return to claim it before going higher? However, at the same time there is two days’ worth unmitigated buy side liquidity. Therefore the market could go anywhere from here.
Final Thoughts
With a gun to my head, I say price may probably take out the liquidity from Friday’s low. However, we need to wait for a catalyst to move price (CPI) to spot an actual directional bias.
After two weeks of decline the bulls has stepped in breaking structure highs. The only questions remains is whether this is the continuation of the uptrend or just a correction. Price has tapped into a discounted fair value gap, resulting in a slight overpowering of bull strength but nothing major. A bearish draw on liquidity may result in price trading to the 2320 zone, the inverse draw may be towards 2392 or higher if the bulls like.
Fifteen-minute timeframe
Two days’ worth sell side liquidity has been unmitigated, will the market return to claim it before going higher? However, at the same time there is two days’ worth unmitigated buy side liquidity. Therefore the market could go anywhere from here.
Final Thoughts
With a gun to my head, I say price may probably take out the liquidity from Friday’s low. However, we need to wait for a catalyst to move price (CPI) to spot an actual directional bias.
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