$XAU Daily: Range lows swept, targeting buy-side liquidity
After the big sell-off in late September, gold has been ranging between about 4,110 and 4,225 for three weeks. The range lows were swept twice (October 7 and October 14), with wicks down to about 4,070, and both times price closed back inside the range. That's a sign the sell-side is being absorbed rather than broken.
I'm watching for one more dip toward 4,120–4,140 to rebalance before expansion. If that low holds, the first target is the buy-side liquidity above the range highs at about 4,225, and the main target is the 4,315 high that started the September drop.
The bullish idea is invalidated by a daily close below about 4,070, the sweep lows. That opens the way to a continuation lower. #XAUUSD #GoldTrading #TradingSignals #tradesetup #StopLoss
After the big sell-off in late September, gold has been ranging between about 4,110 and 4,225 for three weeks. The range lows were swept twice (October 7 and October 14), with wicks down to about 4,070, and both times price closed back inside the range. That's a sign the sell-side is being absorbed rather than broken.
I'm watching for one more dip toward 4,120–4,140 to rebalance before expansion. If that low holds, the first target is the buy-side liquidity above the range highs at about 4,225, and the main target is the 4,315 high that started the September drop.
The bullish idea is invalidated by a daily close below about 4,070, the sweep lows. That opens the way to a continuation lower. #XAUUSD #GoldTrading #TradingSignals #tradesetup #StopLoss