XAU/USD Intra Day/Week Play - 27/05/2024
With gold being at all time highs our analysis on this week's play was carried out on the Daily and 4hr to set a respectable tone to price action and what we anticipate seeing over the coming day(s) / week.
On the daily we see that price has finally exhaused itself to complete its upward move to the extreme supply zone of 2,440.372 and has now started to retrace back to key demand levels leaving behind it some imbalances on the daily and 4 hour.
Overall the ema's all support a bullish direction to which I believe we will continur but not before tapping into the unmitigated bullish order block at 2,317.065 and then heading upwards to seek out the extreme supply zone levels of 2,432.198
This all supports the inverse corrolation we anticipate happening with the greenback on this week's analysis also which can be seen below.
We are aware that CPI and Unemployment claums will greatly impact this technical analysis so it will be interesting to see how this week plays out.
Let me know your thoughts on this.
Hope you have a great week ahead.
Happy Trading.
The FX Capital Club.
On the daily we see that price has finally exhaused itself to complete its upward move to the extreme supply zone of 2,440.372 and has now started to retrace back to key demand levels leaving behind it some imbalances on the daily and 4 hour.
Overall the ema's all support a bullish direction to which I believe we will continur but not before tapping into the unmitigated bullish order block at 2,317.065 and then heading upwards to seek out the extreme supply zone levels of 2,432.198
This all supports the inverse corrolation we anticipate happening with the greenback on this week's analysis also which can be seen below.
We are aware that CPI and Unemployment claums will greatly impact this technical analysis so it will be interesting to see how this week plays out.
Let me know your thoughts on this.
Hope you have a great week ahead.
Happy Trading.
The FX Capital Club.
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