Gold XAUUSD daily insights
Gold
Seasonally gold tend to have a bit of a rally towards the last week of July
Daily is very interesting because its showing bullish swing structure however it has bearish internal structure recently showing bullish momentum in line with the higher timeframe like the weekly and monthly.
We have now traded above the weekly inside range and closed above, we could see gold push lower still and take the daily gap.
Technically we now have a change of character on the daily back to the downside as well as a sweep of liquidity.
Next week we have FOMC, therefore its wise to anticipate an area of liquidity where the most amount of damage can be done will be targeted.
We are trading around the equilibrium of the weekly range and have a weak low.
I will be trading cautiously until the FOMC rates release and statement to get a feel for the true direction.
Seasonally gold tend to have a bit of a rally towards the last week of July
Daily is very interesting because its showing bullish swing structure however it has bearish internal structure recently showing bullish momentum in line with the higher timeframe like the weekly and monthly.
We have now traded above the weekly inside range and closed above, we could see gold push lower still and take the daily gap.
Technically we now have a change of character on the daily back to the downside as well as a sweep of liquidity.
Next week we have FOMC, therefore its wise to anticipate an area of liquidity where the most amount of damage can be done will be targeted.
We are trading around the equilibrium of the weekly range and have a weak low.
I will be trading cautiously until the FOMC rates release and statement to get a feel for the true direction.
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