Gold price rising? Only to plunge again! ICT Approach To XAUUSD.

Jul 4, 2023

Hello Traders!

1. We see a test of the 2080 resistance level once again. Weekly and daily ranges are marked on the chart.
   
   
3. The market is in premium zone on the weekly and Lower High (LH) picture is maintained on the daily.
   
   
4. Also, we're in a discount zone on the daily. Hence some retracement to equilibrium and the daily bearish order block (OB) is expected.
   
   
5. The daily OB is also overlapping with a weekly bearish OB. That makes the 1940-1945 zone an extremely important resistance. Strong selling is expected from the said level.
   
   
6. The quarter has just ended on 30th June 2023 and this quarter is expected to be bearish as well. Although the seasonal tendency of XAUUSD in July is bullish, the same may not be expected this time but could be a cause for deeper retracements.

Do use proper risk management.
Happy Trading!

Profits,
Market's Mechanic.

Jul 8, 2023

Note

We wait till our setup works or it doesn't.

Jul 8, 2023

Note

Notice the Fair Value Gap (Liquidity Void) in the 4hr TF and the 4hr bullish order block.