Gold Analysis for the week of July 16, 2023

16 Jul 2023

Currently Gold is still trading with in range and has yet to break out of it. I'm currently still overall bearish Gold longterm but for the upcoming week I'm anticipating another bullish week. I anticipate the gold will for the low of the week by dropping down into the D +FVG currently below price, I anticipate price wicking through the gap potentially into the 4hr +OB or 1hr +OB below the actual D+FVG. I will be hunting Bullish entries then and only then to take price higher. The ultimate upside objective will be to reach the Weekly Volume Imbalance at the premium level. I'll also be watching price closely as it approaches the Consequent Encroachment (Midpoint) of last months candle wick. I will keep you posted as the week matures.