Hello, traders! 👋 Let's take a look at the current price action on Gold (XAU/USD).
📉 Current Situation: Correction Phase
After a strong impulse that swept the Buy Side Liquidity (BSL), Gold has entered a correction. This corrective move has a clear target below: a key 1-hour order block that aligns with the 61.8% daily Fibonacci level. This area acts as strong support and a potential reversal zone for the continuation of the uptrend.
⚠️ Patience is Key
Price has not yet reached a safe discount zone for considering long positions. This is where the "whale's" Point of Interest (POI) lies. It's highly probable that large players will deliver the price to this zone to "refuel" (mitigate their positions) before continuing the move up, or at least to test the manipulation that swept the initial BSL.
My Trading Plan
🎯 The Long Setup
The primary condition for considering a long setup from the $3356 - $3365 area is:
Mitigation of the 1-hour order block.
The 61.8% Fib level must hold with a clear reversal reaction on at least the 4-hour timeframe.
I don't expect this to happen today. It's likely that price will first build liquidity above our POI before dropping into it. Only from that zone, and with LTF confirmation, can we consider safer long positions.
This is not financial advice. My analysis is for educational purposes only.
📉 Current Situation: Correction Phase
After a strong impulse that swept the Buy Side Liquidity (BSL), Gold has entered a correction. This corrective move has a clear target below: a key 1-hour order block that aligns with the 61.8% daily Fibonacci level. This area acts as strong support and a potential reversal zone for the continuation of the uptrend.
⚠️ Patience is Key
Price has not yet reached a safe discount zone for considering long positions. This is where the "whale's" Point of Interest (POI) lies. It's highly probable that large players will deliver the price to this zone to "refuel" (mitigate their positions) before continuing the move up, or at least to test the manipulation that swept the initial BSL.
My Trading Plan
🎯 The Long Setup
The primary condition for considering a long setup from the $3356 - $3365 area is:
Mitigation of the 1-hour order block.
The 61.8% Fib level must hold with a clear reversal reaction on at least the 4-hour timeframe.
I don't expect this to happen today. It's likely that price will first build liquidity above our POI before dropping into it. Only from that zone, and with LTF confirmation, can we consider safer long positions.
This is not financial advice. My analysis is for educational purposes only.
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.