XAUUSD Imminent Shorts down towards 2035.000 or lower
This week's gold forecast I will be looking for shorts to the downside as it has entered my 5hr POI that I have marked out previously. As of now I am expecting price to continue dropping towards the 2035 mark or possibly lower to take the trend line below it.
As price has already distributed within my supply I will be looking to sell to target the liquidity below as well as a near by demand zone for me to then buy back up again. As price is going to start off really slow on Monday I will be anticipating this move to potentially happen later on the week.
Confluences for Gold Sells are as follows:
- Tapped into a 5hr supply zone that has caused CHOCH to the down side.
- Wyckoff distribution has been formed and validated via a CHOCH on the 15min.
- Lots of liquidity left below to target in the form of Asian lows and trend line liquidity.
- Barely any reversal magnets above my POI which makes my setup more favourable for sells.
- In order for price to keep going up it must come down to tap into some sort of demand level.
- Rejection candle within our zone on the higher time frame reinforces that bullish pressure has now become exhausted.
P.S. While my current confluences strongly favour this temporary short, we must acknowledge that the overall bias of this market is still heavily bullish. This suggests that it's advisable to secure our profits at a reasonable level before considering buy opportunities once more.
If you found this post informative, don't forget to give it a like and share your thoughts in the comments below!
As price has already distributed within my supply I will be looking to sell to target the liquidity below as well as a near by demand zone for me to then buy back up again. As price is going to start off really slow on Monday I will be anticipating this move to potentially happen later on the week.
Confluences for Gold Sells are as follows:
- Tapped into a 5hr supply zone that has caused CHOCH to the down side.
- Wyckoff distribution has been formed and validated via a CHOCH on the 15min.
- Lots of liquidity left below to target in the form of Asian lows and trend line liquidity.
- Barely any reversal magnets above my POI which makes my setup more favourable for sells.
- In order for price to keep going up it must come down to tap into some sort of demand level.
- Rejection candle within our zone on the higher time frame reinforces that bullish pressure has now become exhausted.
P.S. While my current confluences strongly favour this temporary short, we must acknowledge that the overall bias of this market is still heavily bullish. This suggests that it's advisable to secure our profits at a reasonable level before considering buy opportunities once more.
If you found this post informative, don't forget to give it a like and share your thoughts in the comments below!