XAU/USD Longs from 2,590 or 2,570?

8 thg 12, 2024

Gold has been trading within a range, creating significant liquidity both above and below the current price. Once this consolidation phase breaks, I anticipate a reaction from either my supply or demand zones. Overall, my bullish outlook on gold remains intact.

I am particularly focused on the demand zones around 2,570 and 2,590, which I’ve marked as key areas. If the price reaches these levels, I expect a slowdown, allowing for accumulation before initiating a new rally to the upside.

Confluences for GOLD Buys:

- Bullish Market Structure: Higher timeframes continue to show strong bullish momentum.

- Break of Structure: Price has broken key levels to the upside.

- Unmitigated Demand Zone: Price needs to revisit these areas before continuing higher.

- Liquidity Above: There’s a notable amount of upside liquidity, particularly around Asian session highs.

Note: If gold takes out the upside liquidity, I’ll shift my focus to potential sells around 2,670, targeting the 5-hour supply zone for a reversal back down.