GOLD XAUUSD and Gold futures have been rallying for weeks and months providing buy opportunities. The attached GOLD chart below represents the weekly timeframe, that is, a longer term analysis with each candlestick representing a week worth of time.
There is a very strong weekly imbalance located at #1 much lower around 1.478 but it seems that price is not retracing to that strong imbalance and will be rallying further given the type price action we can see on Gold weekly timeframe. We are expecting W highs at #2 around 1.612 to be eliminated, we can see a strong impulse being created around 1.583.
There is a clear bullish bias on the weekly timeframe, the odds are with longs and not shorts.
You can use this longer term analysis of Gold to buy in smaller timeframes using other strategies, you can use indicators and oscillators if you want, we don’t need them to place a trade using supply and demand imbalances.
There is a very strong weekly imbalance located at #1 much lower around 1.478 but it seems that price is not retracing to that strong imbalance and will be rallying further given the type price action we can see on Gold weekly timeframe. We are expecting W highs at #2 around 1.612 to be eliminated, we can see a strong impulse being created around 1.583.
There is a clear bullish bias on the weekly timeframe, the odds are with longs and not shorts.
You can use this longer term analysis of Gold to buy in smaller timeframes using other strategies, you can use indicators and oscillators if you want, we don’t need them to place a trade using supply and demand imbalances.