XAUUSD retracement for the long to another ATH📝 Key Observations:
Break of Structure (BoS) - Price recently broke previous support levels, indicating a shift in market direction.
Strong Bullish Momentum - The aggressive move up suggests that buyers are stepping in at the demand zone.
H1 Supply Zone - Price is currently reacting to an H1 supply zone, which may cause a pullback.
M15 Demand Zone - A key support area around $3,055 has been marked, where price may revisit before continuing upward.
Bullish Projection - The red arrow suggests a potential retracement into the demand zone before continuing higher.
📌 Trade Consideration:
✅ Entry Opportunity: If price retraces into the M15 demand zone and shows bullish confirmation (e.g., engulfing candles, wicks rejecting lower prices).
✅ Target: The next significant resistance level around $3,147.
✅ Stop-Loss: Below the M15 demand zone ($3,055) for a good risk-to-reward ratio.
⚠️ Risk Factors:
If price fails to hold at the demand zone, further downside movement is possible.
Supply zone rejection could trigger a deeper correction before continuing up.
