XAUUSD

22. Aug. 2021

WEEKLY TF:
Week of 9TH August closed off with very strong bullish momentum as observed by the weekly candle close, as there was strong rejection of lower prices. Price created a new HL as it failed to break the structure low at 1675. My clarity on the uptrend is still strong for Gold in the coming weeks of August unless we see new market structure forming.

DAILY TF:
The daily chart presents price in a correction phase creating a new structure at PL 1775 probably an area i expect buying pressure to build up.

4HR TF:
A new structure low at 1775 PL was created, which is also an important area to watch price action. I will be looking for buys at this point, so that we can hop in with market momentum from the bulls with our first target at 1800 PL.

1HR TF:
1775 PL is proving to be a high liquidity zone. Its best to look for alternate ways on how we can capitalise on bullish patterns that may present themselves within this region. An impulsive break witha continuation pattern would be valid for us to strongly hold our longs.