This week, I'm eyeing shorting opportunities in Gold. After witnessing strong bearish momentum last week, I anticipate further downward movement to breach nearby lows, which are acting as liquidity points. Additionally, I've identified two nearby supply zones from which I expect price reactions.
I'll exercise patience as I wait for price to test the lows and subsequently retest the supply zones. Once I receive confirmation on lower time frames, I'll consider initiating sell positions to potentially ride this emerging temporary trend in the coming weeks.
My confluences for GOLD sells are as follows:
- Gold has lots of imbalances below that need to be filled from previous rally.
- Lots of liquidity to the downside in the form of trend line and asian lows.
- Two nice supply zones left near current price that we can potentially sell from.
- In order for price to continue bullish price must retrace back down.
P.S. In the case of gold, there's abundant liquidity on both sides, particularly with numerous Asian highs yet to be taken out. It wouldn't be surprising if price consolidates until Wednesday, when we anticipate the FOMC to significantly impact market movements.
Have a great trading week everyone!
I'll exercise patience as I wait for price to test the lows and subsequently retest the supply zones. Once I receive confirmation on lower time frames, I'll consider initiating sell positions to potentially ride this emerging temporary trend in the coming weeks.
My confluences for GOLD sells are as follows:
- Gold has lots of imbalances below that need to be filled from previous rally.
- Lots of liquidity to the downside in the form of trend line and asian lows.
- Two nice supply zones left near current price that we can potentially sell from.
- In order for price to continue bullish price must retrace back down.
P.S. In the case of gold, there's abundant liquidity on both sides, particularly with numerous Asian highs yet to be taken out. It wouldn't be surprising if price consolidates until Wednesday, when we anticipate the FOMC to significantly impact market movements.
Have a great trading week everyone!