ActionPatienceProfit

This is an update to my previous Gold analysis. I shared bullish sentiment when publishing my first analysis of XAUUSD on March 9th. I wanted to post the progression and how my analysis played out. From what I am seeing there was bearish move breaking through the 2,903 4H level and the 2,895 weekly key level. At the end of my previous analysis I had mentioned there would be potential to see some bearish momentum to hunt stops under the strong support that previously were tested six times. Price did happen to break below this level before making a move upwards. I was able to execute on a long position, this is highlighted in the chart above.

The analysis here shows that we had a Daily Reject of the .618 Golden Zone at 2,840. Since then we have created market structure to the upside. Although we have not had a clean break of market structure, there is a head and shoulders pattern that has formed on the 4H time frame. If you bump down to the lower time frame there is another head and shoulders forming in the right shoulder of the higher time frame head and shoulders. Along with those confluences, price has tried to break the 2,895 six times but has closed above this area. You can argue we haven't been able to close above the 2,293 four hour resistance. But it has only tested and held three times. Where as the 2,895 level was tested six times and held, arguably making it stronger. We did close below the 2,910 Daily Level but the final candle of the week closed as a bullish engulfing. There is potential to see some bearish momentum hunting stop losses before the bullish move upwards. But I personally will only be looking for longs coinciding with Gold Fundamentals and analysis unless there is a big fundamental shift.

The analysis here shows that we had a Daily Reject of the .618 Golden Zone at 2,840. Since then we have created market structure to the upside. Although we have not had a clean break of market structure, there is a head and shoulders pattern that has formed on the 4H time frame. If you bump down to the lower time frame there is another head and shoulders forming in the right shoulder of the higher time frame head and shoulders. Along with those confluences, price has tried to break the 2,895 six times but has closed above this area. You can argue we haven't been able to close above the 2,293 four hour resistance. But it has only tested and held three times. Where as the 2,895 level was tested six times and held, arguably making it stronger. We did close below the 2,910 Daily Level but the final candle of the week closed as a bullish engulfing. There is potential to see some bearish momentum hunting stop losses before the bullish move upwards. But I personally will only be looking for longs coinciding with Gold Fundamentals and analysis unless there is a big fundamental shift.