XAU/USD Outlook (Bull Run for Gold?!)
Hey guys I have just completed some analysis on the market to try and decipher what is going on. We can see on the higher timeframes price is definitely within a bullish phase creating higher highs and lows.
However, we have recently had a correctional wave lower which I was hoping would target the grey demand zone before reversing for a move higher. Although, there seems to be a lot of bullish momentum in the market currently so I will be awaiting further confirmation of the current trend.
Recently price has tapped our red supply zone so we either see a distribution schematic form and then a move lower into HTF Demand. Or we see price continue higher and if we blow through the red supply zone, I will then be looking to get involved in Buy entries.
However, we have recently had a correctional wave lower which I was hoping would target the grey demand zone before reversing for a move higher. Although, there seems to be a lot of bullish momentum in the market currently so I will be awaiting further confirmation of the current trend.
Recently price has tapped our red supply zone so we either see a distribution schematic form and then a move lower into HTF Demand. Or we see price continue higher and if we blow through the red supply zone, I will then be looking to get involved in Buy entries.
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