XAU/USD New rally soon? Longs from 2,320
My bias this week for gold is to look for new long opportunities to maintain the current bullish trend. Despite witnessing an all-time high (ATH) being taken out and now experiencing a strong bearish move, this could merely be a retracement due to the significant liquidity swept at the top earlier last week.
I am waiting for the price to enter the 19-hour demand zone to look for a Wyckoff accumulation pattern, which would signal a buying opportunity back up to a supply zone. If the price retraces upward without touching my marked demand zone, I will wait for the 5-hour supply to be mitigated.
Confluences for Gold Buys:
- The price has reached an ATH and is undergoing a correction.
- The 19-hour demand zone has caused a break of structure to the upside.
- There are numerous imbalances left for the price to fill, as well as untouched Asian highs.
- The price is entering a discounted area and a psychological number.
P.S. Although the price has been quite bearish since the ATH sweep, I will still consider gold to be bullish if it holds in my nearby demand zones. If the price breaks the entire structure and continues downward, we might be in for a short-term bearish move.
I am waiting for the price to enter the 19-hour demand zone to look for a Wyckoff accumulation pattern, which would signal a buying opportunity back up to a supply zone. If the price retraces upward without touching my marked demand zone, I will wait for the 5-hour supply to be mitigated.
Confluences for Gold Buys:
- The price has reached an ATH and is undergoing a correction.
- The 19-hour demand zone has caused a break of structure to the upside.
- There are numerous imbalances left for the price to fill, as well as untouched Asian highs.
- The price is entering a discounted area and a psychological number.
P.S. Although the price has been quite bearish since the ATH sweep, I will still consider gold to be bullish if it holds in my nearby demand zones. If the price breaks the entire structure and continues downward, we might be in for a short-term bearish move.