XAUUSD 24/25/7/2024 Market Review
24/25/7/2024 XAUUSD Market Review
Technical Analysis Overview:
Previous Analysis Recap: Yesterday morning's signal indicated a buying opportunity. Following this, the price surged from the liquidity pool to the previous day's high, achieving a movement of 219 pips. However, during the FOMC news release at 4 AM, gold decline by 380 pips.
Current Market Direction:
Price Action Analysis: For today, the price has yet to decisively break above or below the Quasimodo Level (QML) area, which indicates potential market indecision.
Higher Time Frame (HTF) Pattern: The Head and Shoulders (HNS) pattern on the higher time frame has completed its formation. Despite this, there hasn't been a confirmed signal that the price will continue to breakdown significantly.
Potential Market Manipulation: There is a possibility of price manipulation, where the price might spike upwards to capture liquidity at the QML SELL zone between 2421 and 2419.
Monitoring and Action Plan:
I will closely monitor the current price action. If the price breaks above 2399, it will be an instant buy signal for us.
As of now, there is no confirmed direction, and we need to wait for clearer indications before taking any significant action.
#forextrading #malaysiatraders #tradingforex #xauusdtrader #xauusdanalysis #forexmalaysia #xauusdchart
Technical Analysis Overview:
Previous Analysis Recap: Yesterday morning's signal indicated a buying opportunity. Following this, the price surged from the liquidity pool to the previous day's high, achieving a movement of 219 pips. However, during the FOMC news release at 4 AM, gold decline by 380 pips.
Current Market Direction:
Price Action Analysis: For today, the price has yet to decisively break above or below the Quasimodo Level (QML) area, which indicates potential market indecision.
Higher Time Frame (HTF) Pattern: The Head and Shoulders (HNS) pattern on the higher time frame has completed its formation. Despite this, there hasn't been a confirmed signal that the price will continue to breakdown significantly.
Potential Market Manipulation: There is a possibility of price manipulation, where the price might spike upwards to capture liquidity at the QML SELL zone between 2421 and 2419.
Monitoring and Action Plan:
I will closely monitor the current price action. If the price breaks above 2399, it will be an instant buy signal for us.
As of now, there is no confirmed direction, and we need to wait for clearer indications before taking any significant action.
#forextrading #malaysiatraders #tradingforex #xauusdtrader #xauusdanalysis #forexmalaysia #xauusdchart
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