XAUUSD Weekly Analysis 7/17/22

I am still looking for gold to revisit the lows of last year. We may see an aggressive pullback before gold takes a chance to retest or break the lows of last year. I will mark this as invalid if we see changes in the intraday market structure to yield some trading opportunities this week. Happy Trading. :-)

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I would check the lower timeframe structure on this ( 1 Hour). There's some bullish market structure that is developing on this time frame.

Note: Don't get too caught up in the LTF for this pair since the volatility can aggressively come in at this time. Read the candle carefully and focus on HTF when it comes to gold.

LTF = Lower Timeframe
HTF = Higher Timeframe.

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EOD Analysis gold has snapped back into consolidation during the New York session. Technically this would be viewed as a "fake out". Smart Trade short still in play.

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Consolidation still holding

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Looks like we are ready to hit the low of 2021.