XAUUSD 12/5/24
For this week on gold we're looking for price to play within the bullish range that it created on Friday price played pretty much perfectly within our bias that we gave out last Sunday. Following the same principle we have tapped into the 50% of the bearish auto block above meaning that we are expecting price to drop lower and break out of the range that we are in currently in or for this range to hold and take us to a new all time high which would be above the daily high that we have marked on our chart here.
Points to watch for this week are the order block we have marked which is the one responsible for taking us higher out of the trend line liquidity structure that we have marked, The lower 50% of the order block that created are new range and the fifty percent of the higher time frame water block that we are currently reacting off of. personally I am expecting price to drop down at the beginning of the week giving us eight possible bullish scenario midweek but of course the red folded news will determine this we are overall bullish on the major higher time frames for this pair so I am looking for bullish movements if we do maintain this range.
Read what price shows you and follow the trend! always trade with the correct risk!
Points to watch for this week are the order block we have marked which is the one responsible for taking us higher out of the trend line liquidity structure that we have marked, The lower 50% of the order block that created are new range and the fifty percent of the higher time frame water block that we are currently reacting off of. personally I am expecting price to drop down at the beginning of the week giving us eight possible bullish scenario midweek but of course the red folded news will determine this we are overall bullish on the major higher time frames for this pair so I am looking for bullish movements if we do maintain this range.
Read what price shows you and follow the trend! always trade with the correct risk!
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