XAUUSD 7th may

7 mag 2023

This week, the gold chart has surpassed the last major swing high, indicating a potential for higher prices, especially given the bullish fundamentals. We have identified the latest range using yellow dots and observed a significant amount of liquidity around and under the latest swing low. Therefore, to avoid becoming part of this liquidity, we will be cautious with our stop and entry. However, we must confirm by closing below the range low labelled on our chart.

Additionally, we are monitoring the higher area for a possible counter-trend sell move, with confirmation entry only, and using the swing or major highs as our stop-loss protection.

The large levels of imbalance both higher and lower suggest that shifts are likely to occur. As always, we will wait to see how the market behaves in the first session of the week.

We'll be closely monitoring market openings and price action throughout the week. If you find this analysis useful, let us know in the comments below and hit the boost button to show your support. Here's to a successful week of trading!

*PURPLE ZONES ARE TO BE WATCHED FOR SMALLER TIMEFRAME SETUPS*