XAUUSD 11/8/24
Following up on gold this week, we have an area of demand relatively close to the current price action, near where it ended last week. We believe this area could be tested, and if so, we’ll look for either a decisive push back up or a failure. We are strongly bullish on gold and believe it is likely to run higher, aligning with the institutional liquidity moving in the form of trendline liquidity. We could see a sell-off near the high to encourage sellers to place their stops above it. Overall, we expect the high to be breached. If we don’t reach this high and instead pull back lower, we will look for buying opportunities near the lower end of the overall range, just below the low established on Thursday, the 25th. This level holds significant liquidity, so it could be targeted. Our main focus is for the price to shift into the bullish narrative that we recognize on the higher time frame. We’re simply waiting for the price to show us what it wants to do.
Trade your plan, follow your risk management, and always trade based on what price shows you, not on what you want it to do.
Trade your plan, follow your risk management, and always trade based on what price shows you, not on what you want it to do.
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