XAUUSD Bullish London + Retail Sales Projection (1:5RR)
Fundamental Sentiment
Retail Sales Sentiment: With positive inflation data, retail sales are expected to increase tonight, which would be bullish for the dollar.
However, in anticipation of this release, we’re currently seeing a decline in the dollar and a rally in XAUUSD.
Directional Bias
London Bias: Bullish, with price targeting key H1/H4 levels at 2700 and 2710, where a reversal is expected in line with the retail sales release tonight.
Price Action
Trade Setup
Setup Invalidation
If price reaches the target levels of 2700 and 2710 without retesting the 15-minute order block, the setup will be invalidated.
Retail Sales Sentiment: With positive inflation data, retail sales are expected to increase tonight, which would be bullish for the dollar.
However, in anticipation of this release, we’re currently seeing a decline in the dollar and a rally in XAUUSD.
Directional Bias
London Bias: Bullish, with price targeting key H1/H4 levels at 2700 and 2710, where a reversal is expected in line with the retail sales release tonight.
Price Action
- Price delivered a sharp pullback into a key 30-minute order block and rejected this level.
- The rejection led to a break of structure at the start of the London session.
- Currently, anticipating a price pullback into the M15 order block at 2695.60. If price retraces into this range, I will look to enter near the intersection at 2693.
Trade Setup
- Stop Loss: Below the London open low.
- Potential Return: 1:5 risk-to-reward ratio.
Setup Invalidation
If price reaches the target levels of 2700 and 2710 without retesting the 15-minute order block, the setup will be invalidated.
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