XAUUSD - LONG
Updated
XAUUSD has taken out retail liquidity at 1798. Price has reached an order block created on the 1H chart a few days ago. Expect a move back up towards 1823.970 to fill the indifference and order block in order to push price higher in the near future. Institutions are currently still holding longs. Price taking out the EQL means liquidating retail traders in order to exit their short positions. The reason for this is simply because in order to push the price higher they will have to get rid of their shorts at a fair price first.
Note
We might see a small downwards move to fill the imbalance, if SL gets hit I'll be looking for re-entry to the long side.
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