XAUUSD - One Step At A Time Goes A Long Way!
Updated
After a massive run breaching all-time highs, we are currently seeing a healthy retracement which is bound to attack last Fridays lows located @ 2,391.
Once again, I am aiming for low hanging fruits, with the daily FVG located @ 2391 - 2386 being my next victim.
Once again, I am aiming for low hanging fruits, with the daily FVG located @ 2391 - 2386 being my next victim.
Trade closed: target reached
2391 - 2386 price action ahs booked like gangbusters!Trade closed: target reached
Study how gold reject the fair value gap2473 is a farfetched target but not impossible for this week
Trade active
2450 was looking soo ripe until the massive sell-of that followed after 11am during the US session.Based on the bearish shooting star that formed on the daily timeframe for yesterdays candle, gold could be in-line for a continued sell-off to and through relative equal lows @ the daily order lock (outlined in bright red)
There are many confluences at this region; T1 being 2,387, T2 being 2,386.70 (Low of daily OB)
and final target 3 @ 2,383
Trade closed: target reached
During the Asian session, Gold capitulated through all three low hanging fruit targets; T1 being 2,387, T2 being 2,386.70 (Low of daily OB)and final target 3 @ 2,383.
What i failed to mention in the last post was the extreme case for Gold to capitulate to 2,356 - 2,353 (still in motion)
Note
Capitulation today with the daily volume imbalance as well as mitigation block holding up strong.Relative equal lows at 2,349 is safe for now but there could be a time in the near future price action reprice below and take stops.
No further opinion on where i want to see gold next as the overall short bias has played out for this week
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