XAU/USD - Gold Weekly Analysis(14th Oct. 2024 to 18th Oct. 2024)
XAU/USD - Gold Weekly Analysis(14th October 2024 to 18th October 2024)
Weekly recap:
Last week we saw gold towards the start of the week begin in a secondary phase of MS which was conveniently a PB where we could take advantage of for scalps / day trades. Price has ran 200+ pips below 2631 KL before stalling out near the 2605s. We saw buyers come back into the scene and end the week off at 2657s. We also didn’t see sellers printing intraday LLs which also means gold doesn’t have enough OF to extend the PB structure and buyers jumped back into the scene from better demanded price points (2605s).
Reminder on Gold:
Even though gold is HTF bullish. It isn’t out of the ordinary for gold to have PBs / Deeper PBs waves. We must remain adaptive especially as scalpers and day traders need to be objective with our setups and play the waves and not marry a bias.
Trade ideas for the upcoming week:
Personally I would be looking for breakout buys and PBs as gold doesn’t look like a deeper PB is in play as of YET, unless coming below 2600s to validate a deeper PB.
Bullish Bias:
- If gold in the new weekly candle
can do a 50% correction from low
2605's to highs of 2661's and retest
2631 KL, i would be looking for
buys from 2631KL as my first AOl on
pullback buys.
- If gold does not hold 2631's, the
next AOl i would look at is 2623KL
where we had a intra-day
consolidation there last week and
broke out of (marked in yellow box),
2623 is the breakout retest of the
broken S/R level I would like to
retest to scale in pullback buys.
- Breakout buys valid above 2664
KL but keep in mind we have not
traded above 2670 KL on the intra-
day from the start of the month. If
we do start to reject there once
again, I would exit my positions with
LTF and intra-day rejections.
- Breakout price discovery mode
buys above 2685 ATH's and watch
LTF algorithmic rejections to exit out
positions.
Bearish Bias:
- The only way i would validate a
deeper PB on gold ATLEAST to the
2530's on the HT would be if gold
cleanly trades below 2605's and
2600 KL. If we do clear these price
points, I would shift to a short term
bearish bias before we retest better
buyer zones of int on the HTF with
first AOl being 2530's.
- Scaling down KL's and PSA's
below 2600's is valid to take sells
and play the PB structure.
Our Focus this week from the economical calendar:
In terms of economic events this week no actual data in focus as we have Bank Holiday for United States but besides on Thursday. Majority of the week is all FED speeches. Keep an eye on news room during the week.
1- Thursday - Retail Sales, Initial jobless claims, production data
Daily Reminder:
-Caution-
Stay Smart, Trade safe, follow your trading plan, follow your risk management plan, focus on long term vision, keep emotions out and avoid crashing your account.
Weekly recap:
Last week we saw gold towards the start of the week begin in a secondary phase of MS which was conveniently a PB where we could take advantage of for scalps / day trades. Price has ran 200+ pips below 2631 KL before stalling out near the 2605s. We saw buyers come back into the scene and end the week off at 2657s. We also didn’t see sellers printing intraday LLs which also means gold doesn’t have enough OF to extend the PB structure and buyers jumped back into the scene from better demanded price points (2605s).
Reminder on Gold:
Even though gold is HTF bullish. It isn’t out of the ordinary for gold to have PBs / Deeper PBs waves. We must remain adaptive especially as scalpers and day traders need to be objective with our setups and play the waves and not marry a bias.
Trade ideas for the upcoming week:
Personally I would be looking for breakout buys and PBs as gold doesn’t look like a deeper PB is in play as of YET, unless coming below 2600s to validate a deeper PB.
Bullish Bias:
- If gold in the new weekly candle
can do a 50% correction from low
2605's to highs of 2661's and retest
2631 KL, i would be looking for
buys from 2631KL as my first AOl on
pullback buys.
- If gold does not hold 2631's, the
next AOl i would look at is 2623KL
where we had a intra-day
consolidation there last week and
broke out of (marked in yellow box),
2623 is the breakout retest of the
broken S/R level I would like to
retest to scale in pullback buys.
- Breakout buys valid above 2664
KL but keep in mind we have not
traded above 2670 KL on the intra-
day from the start of the month. If
we do start to reject there once
again, I would exit my positions with
LTF and intra-day rejections.
- Breakout price discovery mode
buys above 2685 ATH's and watch
LTF algorithmic rejections to exit out
positions.
Bearish Bias:
- The only way i would validate a
deeper PB on gold ATLEAST to the
2530's on the HT would be if gold
cleanly trades below 2605's and
2600 KL. If we do clear these price
points, I would shift to a short term
bearish bias before we retest better
buyer zones of int on the HTF with
first AOl being 2530's.
- Scaling down KL's and PSA's
below 2600's is valid to take sells
and play the PB structure.
Our Focus this week from the economical calendar:
In terms of economic events this week no actual data in focus as we have Bank Holiday for United States but besides on Thursday. Majority of the week is all FED speeches. Keep an eye on news room during the week.
1- Thursday - Retail Sales, Initial jobless claims, production data
Daily Reminder:
-Caution-
Stay Smart, Trade safe, follow your trading plan, follow your risk management plan, focus on long term vision, keep emotions out and avoid crashing your account.
คำจำกัดสิทธิ์ความรับผิดชอบ
ข้อมูลและบทความไม่ได้มีวัตถุประสงค์เพื่อก่อให้เกิดกิจกรรมทางการเงิน, การลงทุน, การซื้อขาย, ข้อเสนอแนะ หรือคำแนะนำประเภทอื่น ๆ ที่ให้หรือรับรองโดย TradingView อ่านเพิ่มเติมที่ เงื่อนไขการใช้บริการ