Last week, my gold analysis unfolded precisely as expected. However, following the reaction outlined in scenario (B), news on Friday at 3 pm triggered an upward rally, clearing out considerable liquidity and potential supply zones. This further solidifies my bullish bias, and I now anticipate a retracement due to the significant imbalance left behind by the price movement.
My strategy is to await a retracement to one of the marked demand zones, where I anticipate a Wyckoff accumulation to occur. Subsequently, I plan to buy back up to sustain this bullish trend. It appears that price has established an Asian high above, and the wick left from the all-time high needs to be filled.
Confluences for GOLD Buys are as follows:
- price changed character and broke structure the upside.
- Overall trend of the market is bullish so its a pro trend idea.
- Equal highs left now and there's still asian high that needs to be taken.
- Imbalances left below so expect price to retrace before making another rally.
- New demand zones has been left around the regions of 2040.000 for potential buys.
P.S. Since there's no available supply for selling, I'll either wait for price to establish a new supply zone, from which we can temporarily initiate sells downward, or I'll look for a correction to form around the 2040 area for potential buying opportunities.
Have a great trading week ahead guys and be cautious of this weeks news!
My strategy is to await a retracement to one of the marked demand zones, where I anticipate a Wyckoff accumulation to occur. Subsequently, I plan to buy back up to sustain this bullish trend. It appears that price has established an Asian high above, and the wick left from the all-time high needs to be filled.
Confluences for GOLD Buys are as follows:
- price changed character and broke structure the upside.
- Overall trend of the market is bullish so its a pro trend idea.
- Equal highs left now and there's still asian high that needs to be taken.
- Imbalances left below so expect price to retrace before making another rally.
- New demand zones has been left around the regions of 2040.000 for potential buys.
P.S. Since there's no available supply for selling, I'll either wait for price to establish a new supply zone, from which we can temporarily initiate sells downward, or I'll look for a correction to form around the 2040 area for potential buying opportunities.
Have a great trading week ahead guys and be cautious of this weeks news!