XAU/USD (GOLD) Longs from 2,480.000 back up
My analysis for gold this week remains focused on identifying long opportunities to capitalize on the bullish pressure we've been seeing. The plan is to follow the trend as it develops. Last week's consolidation and the current slowdown suggest that the bullish momentum is waning and a retracement might be due.
I've identified a 2-hour supply zone where the price might react and trigger a downward move. If this does not happen, I'll look for the price to decline towards the 17-hour demand zone, where I anticipate price accumulation and a potential rally continuation.
Confluences for gold buy opportunities include:
- Price has shown strong bullish behavior and recently took out the all-time highs.
- A clear 17-hour demand zone remains, which caused a break of structure to the upside.
-There's trendline liquidity to the upside that needs to be taken.
- This move aligns with the higher time frame trend, which is currently very bullish.
P.S. I particularly expect the price to sweep the Asian session low around 2484, where we might then see a slowdown. Additionally, there's also a significant 19-hour demand zone below to consider.
I've identified a 2-hour supply zone where the price might react and trigger a downward move. If this does not happen, I'll look for the price to decline towards the 17-hour demand zone, where I anticipate price accumulation and a potential rally continuation.
Confluences for gold buy opportunities include:
- Price has shown strong bullish behavior and recently took out the all-time highs.
- A clear 17-hour demand zone remains, which caused a break of structure to the upside.
-There's trendline liquidity to the upside that needs to be taken.
- This move aligns with the higher time frame trend, which is currently very bullish.
P.S. I particularly expect the price to sweep the Asian session low around 2484, where we might then see a slowdown. Additionally, there's also a significant 19-hour demand zone below to consider.
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