XAUUSD 14/7/24
XAU (Gold)
Following last week's markup, the hourly new bullish directional bias played perfectly into the bias we provided on Wednesday for the bullish hourly range to hold. We now have a new 4-hour high and low, which gives us another bullish range heading into this week.
The options we have for this week are:
The price liquidates our high, pulls back into the area of demand, and then goes bullish.
If the area of demand is contacted and fails, the price falls into the larger higher time frame area of demand.
If both areas of demand fail, we will look for a run of the liquidity built up last week, leading us into a bearish bias for this week. However, as it stands, we are looking for the bullishness to continue. Even if we pull down into the lower areas of demand, we will still look for bullishness once we get there.
Remember, the overall principle here is to focus on areas where the price could react and consider possible moves. Only if the price gets to these areas can we really begin to capitalize on them.
Following last week's markup, the hourly new bullish directional bias played perfectly into the bias we provided on Wednesday for the bullish hourly range to hold. We now have a new 4-hour high and low, which gives us another bullish range heading into this week.
The options we have for this week are:
The price liquidates our high, pulls back into the area of demand, and then goes bullish.
If the area of demand is contacted and fails, the price falls into the larger higher time frame area of demand.
If both areas of demand fail, we will look for a run of the liquidity built up last week, leading us into a bearish bias for this week. However, as it stands, we are looking for the bullishness to continue. Even if we pull down into the lower areas of demand, we will still look for bullishness once we get there.
Remember, the overall principle here is to focus on areas where the price could react and consider possible moves. Only if the price gets to these areas can we really begin to capitalize on them.
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