XAU/USD Longs back up towards 2185.000 or 2200.000
Gold continues to exhibit bullish behavior this week, building on the momentum from last week's significant news event that propelled it to new all-time highs. With price maintaining its bullish stance, this aligns with the broader long-term bullish outlook for gold.
Buy positions have already been initiated, with an eye on the price reaching the 2185 level. At this point, we anticipate a potential retracement or a further upward move to address the imbalance above and potentially touch 2200, where a stronger supply level awaits. However, considering the presence of an Asian high above, there's a possibility of that 4hr failing. Nonetheless, I'll be awaiting confirmation on lower timeframes before taking action.
Confluences for Gold Buys are as follows:
- Price has taken ATHs and has also take break structure to the upside.
- Price has been very bullish in terms of the candle stick anatomy.
- Price has reacted off a strong demand zone that has caused this initial rally to take place.
- Wyckoff distribution has occurred on lower time frame as well.
- Imbalances and asian highs above that need to get taken.
P.S. As price dynamics shift to the downside, the current movement might be temporary. Sellers could gain favor, leading to a potential drop to lower levels.
Have a great trading week guys!
Buy positions have already been initiated, with an eye on the price reaching the 2185 level. At this point, we anticipate a potential retracement or a further upward move to address the imbalance above and potentially touch 2200, where a stronger supply level awaits. However, considering the presence of an Asian high above, there's a possibility of that 4hr failing. Nonetheless, I'll be awaiting confirmation on lower timeframes before taking action.
Confluences for Gold Buys are as follows:
- Price has taken ATHs and has also take break structure to the upside.
- Price has been very bullish in terms of the candle stick anatomy.
- Price has reacted off a strong demand zone that has caused this initial rally to take place.
- Wyckoff distribution has occurred on lower time frame as well.
- Imbalances and asian highs above that need to get taken.
P.S. As price dynamics shift to the downside, the current movement might be temporary. Sellers could gain favor, leading to a potential drop to lower levels.
Have a great trading week guys!