My outlook for gold this week leans towards a potential retracement following its recent upward bullish momentum. I anticipate a temporary sell-off from the 15-hour supply zone I've identified, or a scenario where the equal highs gets taken and reaches the 4-hour supply zone above. Additionally, there's a trendline forming below, coupled with numerous untouched Asian lows.
While this temporary bias diverges from my overall outlook, I'm particularly intrigued by the possibility of a significant buying opportunity around the 1990.000 level. Should the price not reach that point, I'll patiently await for a new, clear demand zone to consider as a potential buying opportunity.
Confluences for Gold Sells are as follows:
- Price swept liquidity and formed a 15-hour supply zone that's been unmitigated.
- Nice trendline liquidity has been building below that needs to get taken.
- Lots of Asian lows below as well as a daily demand that needs to be mitigated.
- Price has been moving very bullish and is due for a pullback/retracement.
P.S. Given that this is a counter-trend concept, I'll exercise extra caution and ensure that all my confirming factors align before proceeding. Additionally, I'll reduce my risk accordingly. The objective is to initiate sells aiming towards a better demand zone.
HAVE A GREAT WEEK TRADERS!
While this temporary bias diverges from my overall outlook, I'm particularly intrigued by the possibility of a significant buying opportunity around the 1990.000 level. Should the price not reach that point, I'll patiently await for a new, clear demand zone to consider as a potential buying opportunity.
Confluences for Gold Sells are as follows:
- Price swept liquidity and formed a 15-hour supply zone that's been unmitigated.
- Nice trendline liquidity has been building below that needs to get taken.
- Lots of Asian lows below as well as a daily demand that needs to be mitigated.
- Price has been moving very bullish and is due for a pullback/retracement.
P.S. Given that this is a counter-trend concept, I'll exercise extra caution and ensure that all my confirming factors align before proceeding. Additionally, I'll reduce my risk accordingly. The objective is to initiate sells aiming towards a better demand zone.
HAVE A GREAT WEEK TRADERS!