Weekly XAUUSD analysis, 29 July - 2 Aug.
- OF is bearish.
- Price hit a daily supply area. Now we can see another leg to the downside of the extreme daily INT range.
Follow a lower time frame.
D:
- The price hits the Daily supply area, maybe we could not see the price push higher than that and continue the bearish OF from this daily Supply.
- Maybe the price will push higher to the extreme INT range before continuing down.
Confirmation from LTF.
4H:
- As mentioned, the price is already in a daily supply area, we can see an INT structure shift before mitigating the 4H and 15M supply.
- Or we can see the sweeping of the LQ above the newest high created and mitigation of the 4H and 15M supply before shifting bearish.
- All we can do is follow bullish OF until we see a change, or wait for the structure shifting then playing shorts in line with HTF direction.
15M:
- Price hit a daily supply area. Now we can see another leg to the downside of the extreme daily INT range.
Follow a lower time frame.
D:
- The price hits the Daily supply area, maybe we could not see the price push higher than that and continue the bearish OF from this daily Supply.
- Maybe the price will push higher to the extreme INT range before continuing down.
Confirmation from LTF.
4H:
- As mentioned, the price is already in a daily supply area, we can see an INT structure shift before mitigating the 4H and 15M supply.
- Or we can see the sweeping of the LQ above the newest high created and mitigation of the 4H and 15M supply before shifting bearish.
- All we can do is follow bullish OF until we see a change, or wait for the structure shifting then playing shorts in line with HTF direction.
15M:
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