Gold Draws Toward Liquidity Pools

Market Analysis – February 2

Gold is currently displaying buy-side delivery in the market. After a long period of downward motion, the market has broken the 1886.0 demand level.

XAUUSD Key levels

Resistance Levels: 1886.0 1997.0, 2076.0
Support Levels: 1586.0, 1621.0, 1707.0

Gold long-term trend: Bullish

Gold was very bearish for most of the months during the previous year. The sellers took advantage of the price at 2076.0. The influx of bears prompted a halt to the bullish trend. The Stochastic revealed that the market was oversold. The gold market crashed from March to October. Throughout the period, the bearish channel surrounded the price action. The resisting trendline aided the downward months.

Upon reaching 1621.0 a bullish shift in market structure was observed. At 1707.0, the bulls’ first attempt to take off failed. The buyers eventually experienced an emergency with the aid of a double bottom in November. The market rose rapidly from the oversold region.

Gold Short-term Trend: Bullish

In November, the bearish channel was invalidated with the surge in price. Liquidity pools are resting at a 1997.0 supply level. The bulls are drawing toward the key zone for a nearby target.

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