Gold weekly supply & demand views
Gold
Monthly we are still bullish, recently making an all time high on yellow metal.
Weekly within the larger weekly range, we technically are in a bearish pullback (mechanically) using supply and demand zones failing to show this.
Inside bars being used as weekly pullbacks as price fails to take previous candles high or low.
Weekly inside range, gold stayed within the previous weeks range showing accumulation of orders & building liquidity.
Once a weekly inside bar candle has been printed, expect price to expand out of this with volume.
Note the weekly opening gap, this is likely a draw on liquidity since the yellow metal has swept liquidity from the weekly highs.
Typically after a large bullish run, taking strong liquidity is a signal price may retrace. I would like to see price retrace to this opening gap and trade through it before looking for further highs.
Daily we have been building buyside and sellside liquidity. Strong moves intraday however respecting supply and demand zones.
FOMC rate release and CPI figures will be important this week to take buy side and sell side liquidity.
Once the market has been manipulated next week, we can see how price unfolds.
Seasonally gold tends to sell off in June which is so far proving to be successful, with there being a reasonable uptick in the middle of the month. This aligns nicely with the upcoming news releases.
Monthly we are still bullish, recently making an all time high on yellow metal.
Weekly within the larger weekly range, we technically are in a bearish pullback (mechanically) using supply and demand zones failing to show this.
Inside bars being used as weekly pullbacks as price fails to take previous candles high or low.
Weekly inside range, gold stayed within the previous weeks range showing accumulation of orders & building liquidity.
Once a weekly inside bar candle has been printed, expect price to expand out of this with volume.
Note the weekly opening gap, this is likely a draw on liquidity since the yellow metal has swept liquidity from the weekly highs.
Typically after a large bullish run, taking strong liquidity is a signal price may retrace. I would like to see price retrace to this opening gap and trade through it before looking for further highs.
Daily we have been building buyside and sellside liquidity. Strong moves intraday however respecting supply and demand zones.
FOMC rate release and CPI figures will be important this week to take buy side and sell side liquidity.
Once the market has been manipulated next week, we can see how price unfolds.
Seasonally gold tends to sell off in June which is so far proving to be successful, with there being a reasonable uptick in the middle of the month. This aligns nicely with the upcoming news releases.
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