Hello, traders! The macro structure for the XAU price auction has been defined by two critical pivot points, establishing a wide and volatile consolidation range. A major pivot point high was formed at the 3390 supply zone, while a subsequent pivot point low anchored the market at the 3300 demand zone. All price action since has occurred between these two dominant control zones, transitioning the market into a state of balance.
Currently, the price action is contracting within a large symmetrical triangle, signaling a compression of volatility. The auction is now at a critical inflection point, as it is directly testing the upper boundary of this formation. This area represents a powerful confluence of resistance, where the descending supply line and the horizontal 3380 - 3390 supply zone intersect, providing a key battleground for market participants.
The working hypothesis is a short scenario, predicated on sellers successfully defending this resistance confluence. It is anticipated that the price will make a final push into the supply zone before being rejected. A confirmed failure to break higher would validate the triangle's integrity and initiate a full rotation to the downside. The take-profit is therefore set at 3330, targeting the high-liquidity area where the ascending demand line converges with the horizontal demand zone. Manage your risk!
Currently, the price action is contracting within a large symmetrical triangle, signaling a compression of volatility. The auction is now at a critical inflection point, as it is directly testing the upper boundary of this formation. This area represents a powerful confluence of resistance, where the descending supply line and the horizontal 3380 - 3390 supply zone intersect, providing a key battleground for market participants.
The working hypothesis is a short scenario, predicated on sellers successfully defending this resistance confluence. It is anticipated that the price will make a final push into the supply zone before being rejected. A confirmed failure to break higher would validate the triangle's integrity and initiate a full rotation to the downside. The take-profit is therefore set at 3330, targeting the high-liquidity area where the ascending demand line converges with the horizontal demand zone. Manage your risk!
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bingx.com/partner/CryptoTrading99
Please write your opinion about where price will go.
Please write your opinion about where price will go.
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.