1. Price Action Analysis (Market Structure):
Daily (1D): Found temporary bottom at $4.073 with a strong lower wick rejection, though facing overhead resistance.
4H/1H Timeframes: Structure formed higher lows from $4.073 up to $4.212. However, buying momentum slows down at $4.212 resistance with upper wicks showing rejection. Price currently consolidates around $4.195.
2. Trading Execution Plan:
🟢 LONG Plan (Pullback Buy - Preferred):
Buy Zone (Entry): $4.155 – $4.165 (Structure Support Retest).
Trigger: Bullish Pinbar or Engulfing candle confirmation on 15m/1H.
Stop Loss (SL): $4.140.
Take Profit (TP): $4.212 – $4.250.
🔴 SHORT Plan (Resistance Rejection):
Sell Zone (Entry): $4.212 – $4.228 (Rejection at local resistance).
Trigger: Bearish Pinbar / Rejection wick on 1H timeframe.
Stop Loss (SL): $4.238.
Take Profit (TP): $4.160 – $4.120.
$XAU
Daily (1D): Found temporary bottom at $4.073 with a strong lower wick rejection, though facing overhead resistance.
4H/1H Timeframes: Structure formed higher lows from $4.073 up to $4.212. However, buying momentum slows down at $4.212 resistance with upper wicks showing rejection. Price currently consolidates around $4.195.
2. Trading Execution Plan:
🟢 LONG Plan (Pullback Buy - Preferred):
Buy Zone (Entry): $4.155 – $4.165 (Structure Support Retest).
Trigger: Bullish Pinbar or Engulfing candle confirmation on 15m/1H.
Stop Loss (SL): $4.140.
Take Profit (TP): $4.212 – $4.250.
🔴 SHORT Plan (Resistance Rejection):
Sell Zone (Entry): $4.212 – $4.228 (Rejection at local resistance).
Trigger: Bearish Pinbar / Rejection wick on 1H timeframe.
Stop Loss (SL): $4.238.
Take Profit (TP): $4.160 – $4.120.
$XAU