XAUUSD Long Module
Direction / Major Trend - Bullish
Daily made a Break Of Structure to a New All Time High and retracement followed through as expected.
Initially, the 4H/1H Zone marked as Invalid OB was the nearest Demand/Engulfing Buy Level. However as current market price approaches the watching zone, price broke the zone. Another reason why in my opinion that zone is not valid is because it does not intercept with the Daily Demand.
Price of Gold fell with an impulsive movement or also can be known as clean traffic. In M15, we currently have a High and a Low. No Fibonacci Retracement Levels are being used. In all lower timeframes with such impulsive movement, there is no continuation zone like a Drop Base Drop level for a continuation sell.
“Invalid” 4H Demand Level : 2756-2746
Daily Demand Level : 2746-2724
As we precise/filter the Daily Demand, there is a Demand level on 4H at 2734-2727 whereby the current market price reacted and formed a low. The closure of 4H also made somewhat of a rejection leaving wicks.
There was not much movement from NFP and price eventually fell back to retest the Low/Support Level of M15. For a couple of months now, price has made a solid break out to the upside and never “retested” the Higher Time Frame Demand. Instead, Rally Base Rally Candlesticks kept on forming.
Unless the Daily Demand Zone breaks out creating a Swap Zone for continuation sell down to the previous All Time High Level at 2685, The Bullish Bias remains.
Currently there is also a trendline confluence pointing at it’s bullish movement with 3 touches making it to be a valid trendline point. Price is now in the 4th touch of the Buying Trendline Level.
Take Profit 1 : $2762 (NFP Highs)
Take Profit 2 : $2780 (M15 Highs)
Take Profit 3 : $2800 (Big Round Number)
The following week is very crucial as Presidential Election is going to happen and so is FOMC. With the interest rate coming down again, Gold being bullish is clear as day.
This is NOT a Financial Advise.
Daily made a Break Of Structure to a New All Time High and retracement followed through as expected.
Initially, the 4H/1H Zone marked as Invalid OB was the nearest Demand/Engulfing Buy Level. However as current market price approaches the watching zone, price broke the zone. Another reason why in my opinion that zone is not valid is because it does not intercept with the Daily Demand.
Price of Gold fell with an impulsive movement or also can be known as clean traffic. In M15, we currently have a High and a Low. No Fibonacci Retracement Levels are being used. In all lower timeframes with such impulsive movement, there is no continuation zone like a Drop Base Drop level for a continuation sell.
“Invalid” 4H Demand Level : 2756-2746
Daily Demand Level : 2746-2724
As we precise/filter the Daily Demand, there is a Demand level on 4H at 2734-2727 whereby the current market price reacted and formed a low. The closure of 4H also made somewhat of a rejection leaving wicks.
There was not much movement from NFP and price eventually fell back to retest the Low/Support Level of M15. For a couple of months now, price has made a solid break out to the upside and never “retested” the Higher Time Frame Demand. Instead, Rally Base Rally Candlesticks kept on forming.
Unless the Daily Demand Zone breaks out creating a Swap Zone for continuation sell down to the previous All Time High Level at 2685, The Bullish Bias remains.
Currently there is also a trendline confluence pointing at it’s bullish movement with 3 touches making it to be a valid trendline point. Price is now in the 4th touch of the Buying Trendline Level.
Take Profit 1 : $2762 (NFP Highs)
Take Profit 2 : $2780 (M15 Highs)
Take Profit 3 : $2800 (Big Round Number)
The following week is very crucial as Presidential Election is going to happen and so is FOMC. With the interest rate coming down again, Gold being bullish is clear as day.
This is NOT a Financial Advise.
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