XAUUSD 30/6/24
The gold chart here shows a similar outlook to what we had last week. We played off the area of supply we marked, selling off nicely into the lower end of the range. After taking the liquidity across the lows, we saw a strong pullback with a large area of imbalance created, indicating upward momentum. However, it's important to remember that the overall ranges are bearish, and we expect the price action to move lower.
Our preferred option is for the price to run higher to the area of supply before selling off, sweeping the low marks below and heading to the demand zone marked in green. At this point, we would look for the price to either go bullish and move into the area of supply or break down through this zone and continue the bearish trend.
If the price breaks the 4-hour high, it would give us a new directional bias. Conversely, if the price breaks lower, it would align with our current bearish bias, so keep an eye on that if we start pushing in one direction or the other.
Trade safe and follow your plan.
Our preferred option is for the price to run higher to the area of supply before selling off, sweeping the low marks below and heading to the demand zone marked in green. At this point, we would look for the price to either go bullish and move into the area of supply or break down through this zone and continue the bearish trend.
If the price breaks the 4-hour high, it would give us a new directional bias. Conversely, if the price breaks lower, it would align with our current bearish bias, so keep an eye on that if we start pushing in one direction or the other.
Trade safe and follow your plan.
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