XAU/USD Imminent Longs from 2390 back up
This week’s analysis for gold reveals a compelling setup. We've observed a bearish reaction from the supply zone I previously identified. With a character change to the upside and a daily demand zone in place, this setup suggests a potential rally.
If price reaches the 2-hour supply zone (Scenario B), I will look for a distribution pattern to consider short-term sells. However, we'll assess this as price progresses.
Confluences for GOLD Buys:
Character Change: Price has shifted to the upside, leaving a robust demand zone.
Accumulation: Recent accumulation suggests readiness for a new rally.
Trend Alignment: Gold remains bullish, reflecting the overall market trend.
External Factors: Ongoing geopolitical events and news typically push gold higher.
P.S. If price surpasses the supply zone, there is a strong likelihood that gold could reach new all-time highs and continue its upward trajectory.
If price reaches the 2-hour supply zone (Scenario B), I will look for a distribution pattern to consider short-term sells. However, we'll assess this as price progresses.
Confluences for GOLD Buys:
Character Change: Price has shifted to the upside, leaving a robust demand zone.
Accumulation: Recent accumulation suggests readiness for a new rally.
Trend Alignment: Gold remains bullish, reflecting the overall market trend.
External Factors: Ongoing geopolitical events and news typically push gold higher.
P.S. If price surpasses the supply zone, there is a strong likelihood that gold could reach new all-time highs and continue its upward trajectory.
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