1. Trendlines and Market Structure
The chart shows a descending trendline acting as resistance, which suggests a broader bearish trend.
There is also an ascending trendline acting as support, forming a potential wedge pattern.
The market structure appears to be forming lower highs and higher lows, indicating a possible breakout scenario.
2. Order Blocks (OB) & Fair Value Gap (FVG)
There is a marked order block (OB) around the 3,025 - 3,027 price zone, indicating a potential supply area where sellers may enter the market.
A bearish fair value gap (B FVG) is identified below the recent price action, indicating inefficiency that may get filled before a further move.
3. Change of Character (ChoCh) & Liquidity Levels
A Change of Character (ChoCh) is noted, signaling a shift in momentum.
The price is reacting around a key liquidity zone.
Marked levels like London Low and Asian Low highlight areas where liquidity may be taken before a reversal.
4. Key Price Levels & Zones
Major resistance at 3,033.258: If price breaks above this, it may continue toward 3,047.569.
Support at 2,999.499: A potential bearish target if the price breaks below recent structure.
Post NY Low: Marked as a liquidity target, possibly leading to a downside move.
5. Potential Trade Scenarios
Bullish Scenario
If price breaks above the OB and trendline resistance, we could see a continuation toward 3,033 - 3,047.
Retesting the B FVG as support could confirm a bullish push.
Bearish Scenario
If price fails to hold support and breaks below the ascending trendline, it may target the London Low (around 3,010) and further drop to 2,999.
A liquidity grab above the OB followed by rejection would confirm a short opportunity.
6. Conclusion
Your analysis suggests a crucial decision point for XAU/USD. Traders should watch for price reactions at the OB and trendline levels to confirm direction. A breakout above 3,033 may lead to further upside, while a failure could trigger a move below 3,010.
The chart shows a descending trendline acting as resistance, which suggests a broader bearish trend.
There is also an ascending trendline acting as support, forming a potential wedge pattern.
The market structure appears to be forming lower highs and higher lows, indicating a possible breakout scenario.
2. Order Blocks (OB) & Fair Value Gap (FVG)
There is a marked order block (OB) around the 3,025 - 3,027 price zone, indicating a potential supply area where sellers may enter the market.
A bearish fair value gap (B FVG) is identified below the recent price action, indicating inefficiency that may get filled before a further move.
3. Change of Character (ChoCh) & Liquidity Levels
A Change of Character (ChoCh) is noted, signaling a shift in momentum.
The price is reacting around a key liquidity zone.
Marked levels like London Low and Asian Low highlight areas where liquidity may be taken before a reversal.
4. Key Price Levels & Zones
Major resistance at 3,033.258: If price breaks above this, it may continue toward 3,047.569.
Support at 2,999.499: A potential bearish target if the price breaks below recent structure.
Post NY Low: Marked as a liquidity target, possibly leading to a downside move.
5. Potential Trade Scenarios
Bullish Scenario
If price breaks above the OB and trendline resistance, we could see a continuation toward 3,033 - 3,047.
Retesting the B FVG as support could confirm a bullish push.
Bearish Scenario
If price fails to hold support and breaks below the ascending trendline, it may target the London Low (around 3,010) and further drop to 2,999.
A liquidity grab above the OB followed by rejection would confirm a short opportunity.
6. Conclusion
Your analysis suggests a crucial decision point for XAU/USD. Traders should watch for price reactions at the OB and trendline levels to confirm direction. A breakout above 3,033 may lead to further upside, while a failure could trigger a move below 3,010.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.