Gold (XAUUSD) is currently in a broader downtrend, but recent price action on the 15-minute chart suggests a liquidity grab in the form of a fake uptrend structure. The price is forming higher highs and higher lows, but it is still failing to break the key resistance zone between 3340.130 – 3343.433, as marked in the chart.
This zone is a critical supply area, and a strong breakout and retest above this range would indicate a potential shift from bearish to bullish sentiment.
Until that breakout happens, any upward move is likely to be a liquidity trap, aimed at trapping late buyers before resuming the downtrend.
Trade Idea:
Sell zone: Below 3340
Stop loss: Above 3345
Target 1: 3300
Target 2: 3270
Only consider a buy entry after a confirmed break and close above 3345 with a retest.
This zone is a critical supply area, and a strong breakout and retest above this range would indicate a potential shift from bearish to bullish sentiment.
Until that breakout happens, any upward move is likely to be a liquidity trap, aimed at trapping late buyers before resuming the downtrend.
Trade Idea:
Sell zone: Below 3340
Stop loss: Above 3345
Target 1: 3300
Target 2: 3270
Only consider a buy entry after a confirmed break and close above 3345 with a retest.
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.