XAU/USD - Gold weekly Analysis(7th Oct. 2024 - 11th Oct. 2024)
***XAU/USD - Gold Weekly Analysis(7th October 2024 to 11th October 2024)***
***Weekly recap:***
Last week as we start the month of October, we saw gold price has been trapped in a range all week with aggressive downside and upside moves with large wicks. Unfortunately we are still trapped in the same HTF range with no breaks higher or lower. Monday down to 2630s Tuesday up to 2660s Wednesday down to 2640s then back to 2660s Thursday down to 2630s then back to 2360s Friday same thing.
***Reminder on Gold:***
Even though gold is stuck in a HTF range. We must stay adaptive of heavy downside and upside moves. It isn’t out of the ordinary for gold to have PBs and remain in the HTF trend.
***Trade ideas for the upcoming week:***
***Bullish Bias:***
I am HTF bullish on gold but on an intraday perspective we must stay adaptive towards PBs. As it's not out of the ordinary for gold to have PBs / Deeper PBs after printing new ATHs. I personally wouldn’t buy every KL. I would narrow it down to 1 AOIs for PB’s buys and 1 breakout buys.
**Bullish Pullback scenario:**
1- If gold breaks 2620s and comes down to 2590s KL and next AOI. I would look to scale in buys to possibly retest 2620s AOI.
**Bullish Breakout scenario:**
1- If price break above 2670 KL above the range I would look to scale in buys to ATHs 2685s KL
***Bearish Bias:***
**Bearish Breakout / Retest scenario:**
1- If gold comes up and FTB 2670s and shows signs of bullish PA slowing down. I would look to scale in on sells back down to at least 2620s and even lower till 2590s KL
2- If gold breaks 2620s and shows clear PA for scenario to play out. I would scale in sells to 2590s KL
***Our Focus this week from the economical calendar:***
1 - Wednesday - FOMC minutes
2 - Thursday - Inflation rate, GDP, CPI data
3 - Friday - PPI
***Daily Reminder:***
-Caution-
*Stay Smart, Trade safe, follow your trading plan, follow your risk management plan, focus on long term vision, keep emotions out and avoid crashing your account.*
***Weekly recap:***
Last week as we start the month of October, we saw gold price has been trapped in a range all week with aggressive downside and upside moves with large wicks. Unfortunately we are still trapped in the same HTF range with no breaks higher or lower. Monday down to 2630s Tuesday up to 2660s Wednesday down to 2640s then back to 2660s Thursday down to 2630s then back to 2360s Friday same thing.
***Reminder on Gold:***
Even though gold is stuck in a HTF range. We must stay adaptive of heavy downside and upside moves. It isn’t out of the ordinary for gold to have PBs and remain in the HTF trend.
***Trade ideas for the upcoming week:***
***Bullish Bias:***
I am HTF bullish on gold but on an intraday perspective we must stay adaptive towards PBs. As it's not out of the ordinary for gold to have PBs / Deeper PBs after printing new ATHs. I personally wouldn’t buy every KL. I would narrow it down to 1 AOIs for PB’s buys and 1 breakout buys.
**Bullish Pullback scenario:**
1- If gold breaks 2620s and comes down to 2590s KL and next AOI. I would look to scale in buys to possibly retest 2620s AOI.
**Bullish Breakout scenario:**
1- If price break above 2670 KL above the range I would look to scale in buys to ATHs 2685s KL
***Bearish Bias:***
**Bearish Breakout / Retest scenario:**
1- If gold comes up and FTB 2670s and shows signs of bullish PA slowing down. I would look to scale in on sells back down to at least 2620s and even lower till 2590s KL
2- If gold breaks 2620s and shows clear PA for scenario to play out. I would scale in sells to 2590s KL
***Our Focus this week from the economical calendar:***
1 - Wednesday - FOMC minutes
2 - Thursday - Inflation rate, GDP, CPI data
3 - Friday - PPI
***Daily Reminder:***
-Caution-
*Stay Smart, Trade safe, follow your trading plan, follow your risk management plan, focus on long term vision, keep emotions out and avoid crashing your account.*
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