XAUUSD H1 TF SMC ANALYSIS (11/06/2024)
Looking at this updated Gold Spot (XAU/USD) chart on the 1-hour timeframe, we can identify the following insights:
Break of Structure (BOS): The recent BOS suggests a shift in momentum, indicating that a bullish reversal could be on the horizon if certain levels are held.
External Order Block (EXT OB): Located around the $2720 level, this area represents a key demand zone. Price may look to revisit this zone before any significant bullish reaction.
Potential Scenario: If the price tests the EXT OB level and shows a strong rejection, we might see a bullish rally, potentially targeting the recent high near $2790.
Outlook: A bullish scenario may unfold if the EXT OB at $2720 holds as a support level. Traders could look for potential entries upon confirmation of reversal patterns in this zone, with targets set towards the previous high.
Break of Structure (BOS): The recent BOS suggests a shift in momentum, indicating that a bullish reversal could be on the horizon if certain levels are held.
External Order Block (EXT OB): Located around the $2720 level, this area represents a key demand zone. Price may look to revisit this zone before any significant bullish reaction.
Potential Scenario: If the price tests the EXT OB level and shows a strong rejection, we might see a bullish rally, potentially targeting the recent high near $2790.
Outlook: A bullish scenario may unfold if the EXT OB at $2720 holds as a support level. Traders could look for potential entries upon confirmation of reversal patterns in this zone, with targets set towards the previous high.
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