From TradingView · · 1m 20s
Gold flips bearish as demand breaks
A daily demand zone on gold just failed, and the trader sees weekly sellers running the show.
In brief
A daily demand zone on gold just failed, and the trader sees weekly sellers running the show. Once daily demand breaks and weekly supply takes over, bias flips to selling rallies until price proves otherwise. Originally reported by TradingView.
Gold turns short
Trader MarcusWillpower posted a short call on XAUUSD, gold against the dollar, on the OANDA feed. The read is bearish on the daily chart.
Daily demand broke
The D1 demand zone, the area where buyers had been stepping in, got violated. That break is the trigger for the whole call.
“D1 demand has been violated”
Weekly supply in control
On the higher timeframe, sellers hold the wheel. Weekly supply sitting above price caps rallies and keeps pressure pointed down.
“Weekly supply is currently in control.”
Hunt bearish setups
The plan is not one trade, it is a bias. Look for short entries on bounces rather than trying to buy the dip while structure stays broken.
“we can anticipate bearish setups”
Until proven otherwise
The call carries its own invalidation. If price reclaims that daily demand and weekly supply gives way, the bearish read is off.
“until proven otherwise”
It is not advice
TradingView flags every published idea as opinion, not a recommendation. One trader's daily chart read is a starting point for your own work.
What matters most
Once daily demand breaks and weekly supply takes over, bias flips to selling rallies until price proves otherwise.
