XAUUSD 20/10/24

After calling for new all-time highs in gold over the past two months, we have now seen a clear breakout above the previous record. Currently, gold is trading at its highest price ever. Based on this, we cannot set higher targets because there are no previous highs to aim for. The market is still seeking a new all-time high, and once it is established, a pullback to some extent is expected.

I do not recommend shorting the market when it is clearly trending upwards. Instead, consider looking for a liquidity low, as marked here, or an area of demand in a significant region. In this case, we have highlighted an area of demand located at the previous all-time high, where substantial orders are likely to be concentrated. If we reach this point, we can either expect a potential reversal or a continuation of the bullish trend. I would favor the latter, as the overall bias remains bullish based on fundamental factors and higher timeframe signals.

The main level I'm focused on is the highlighted 4-hour low. I would like to see this level taken out, followed by a continuation to the upside.