XAU/USD - Gold Weekly Analysis(7th Oct. 2024 - 11th Oct. 2024)
***XAU/USD - Gold Weekly Analysis(7th October 2024 to 11th October 2024)***
***Weekly recap:***
Last week as we start the month of October, we saw gold price has been trapped in a range all week with aggressive downside and upside moves with large wicks. Unfortunately we are still trapped in the same HTF range with no breaks higher or lower. Monday down to 2630s Tuesday up to 2660s Wednesday down to 2640s then back to 2660s Thursday down to 2630s then back to 2360s Friday same thing.
***Reminder on Gold:***
Even though gold is HTF bullish. It isn’t out of the ordinary for gold to have PBs / Deeper PBs especially with the start of a new quarter (Q4) and new business month. Keep in mind we’re still early into the new quarter and business month and gold could remain bullish give or take PBs / Deeper PBs. We also need to remain alert on escalating geopolitical tensions which can shake out the short-term PBs sell bias. I would personally lower my risk and the amount of trades I take until breaks above or below HTF range to validate more market order flow.
***Trade ideas for the upcoming week:***
***Bullish Bias:***
1- If gold breaks below 2623 KL and comes down to intraday subjective trend line and MS at 2590 KL. I would look to scale in buys as first AOI
2- If gold break below 2590s KL. my second AOI is previous ATHs at 2525s that could also make more bullish sequence of MS on HTF to confirm subjective trendline.
3- If gold breaks and holds above 2685 KL i would look to scale in buys for gold to head into price discovery mode again and watch LTF at algo. prices to exit position.
***Bearish Bias:***
1- Even with rising tension, gold has FTB above 2670s KL multiple times. If gold comes to 2670s KL, I would look for HRHR sells to position myself for gold to enter into a secondary phase of MS and play PBs / Deeper PBs sells to start off Q4.
2- If gold breaks 2630s. I would look for retest entries to take sells to target 2590s KL. 300 pip range is amazing to take advantage of for day trades and scalps.
***Our Focus this week from the economical calendar:***
In terms of economic events this week it will be very slow the first half of the week as we have no major events taking place.
1 - Wednesday - FOMC minutes
2 - Thursday - Inflation rate, GDP, CPI data
3 - Friday - PPI
***Daily Reminder:***
-Caution-
*Stay Smart, Trade safe, follow your trading plan, follow your risk management plan, focus on long term vision, keep emotions out and avoid crashing your account.*
***Weekly recap:***
Last week as we start the month of October, we saw gold price has been trapped in a range all week with aggressive downside and upside moves with large wicks. Unfortunately we are still trapped in the same HTF range with no breaks higher or lower. Monday down to 2630s Tuesday up to 2660s Wednesday down to 2640s then back to 2660s Thursday down to 2630s then back to 2360s Friday same thing.
***Reminder on Gold:***
Even though gold is HTF bullish. It isn’t out of the ordinary for gold to have PBs / Deeper PBs especially with the start of a new quarter (Q4) and new business month. Keep in mind we’re still early into the new quarter and business month and gold could remain bullish give or take PBs / Deeper PBs. We also need to remain alert on escalating geopolitical tensions which can shake out the short-term PBs sell bias. I would personally lower my risk and the amount of trades I take until breaks above or below HTF range to validate more market order flow.
***Trade ideas for the upcoming week:***
***Bullish Bias:***
1- If gold breaks below 2623 KL and comes down to intraday subjective trend line and MS at 2590 KL. I would look to scale in buys as first AOI
2- If gold break below 2590s KL. my second AOI is previous ATHs at 2525s that could also make more bullish sequence of MS on HTF to confirm subjective trendline.
3- If gold breaks and holds above 2685 KL i would look to scale in buys for gold to head into price discovery mode again and watch LTF at algo. prices to exit position.
***Bearish Bias:***
1- Even with rising tension, gold has FTB above 2670s KL multiple times. If gold comes to 2670s KL, I would look for HRHR sells to position myself for gold to enter into a secondary phase of MS and play PBs / Deeper PBs sells to start off Q4.
2- If gold breaks 2630s. I would look for retest entries to take sells to target 2590s KL. 300 pip range is amazing to take advantage of for day trades and scalps.
***Our Focus this week from the economical calendar:***
In terms of economic events this week it will be very slow the first half of the week as we have no major events taking place.
1 - Wednesday - FOMC minutes
2 - Thursday - Inflation rate, GDP, CPI data
3 - Friday - PPI
***Daily Reminder:***
-Caution-
*Stay Smart, Trade safe, follow your trading plan, follow your risk management plan, focus on long term vision, keep emotions out and avoid crashing your account.*
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