xau/usd continuation sell of from $2,678
Gold has been showing clear structure to the downside on the 1H. However, on the 4H time frames and above we didn't actually see price further BOS to the downside buy rather it pushed back up the 8H imbalance to create EQH liquidity. This makes me wonder whether or not we will see a last push up from Gold before price then makes it way further down.
However, this week we can be sure to catch some sells on gold as we see a lot of bearish indication on the lower time frames. I am expecting for price to open and consolidate before it takes the ASH and potentially fails the 30min supply zones i have before reacting from the 6H supply. It is also possible that price may want to fill the 6h Imbalance above and actually react from the 4H supply instead.
If price truly wishes to respect these Asian highs and simply further react without having a significant retracement then I can potentially expect price to react from these lower time frame 30min supply order blocks.
However, this week we can be sure to catch some sells on gold as we see a lot of bearish indication on the lower time frames. I am expecting for price to open and consolidate before it takes the ASH and potentially fails the 30min supply zones i have before reacting from the 6H supply. It is also possible that price may want to fill the 6h Imbalance above and actually react from the 4H supply instead.
If price truly wishes to respect these Asian highs and simply further react without having a significant retracement then I can potentially expect price to react from these lower time frame 30min supply order blocks.
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