XAU/USD Weekly Outlook: Potential Pullback or Breakout?XAU/USD Weekly Chart Analysis 🏆📉📈
1️⃣ Current Price: $2,919.35
2️⃣ Key Observations:
Distribution on H4: Potential sign of a short-term reversal. 📉
Divergence: Suggests weakening momentum at the highs, increasing the probability of a pullback. ⚠️
Multiple Unfilled Mitigation Blocks (MB): Areas of interest where price may retrace for liquidity grabs. 🧐
Fair Volume Ranges: Notable levels around $2,700 - $2,500, where price might stabilize if a correction occurs. 🔄 3️⃣ Potential Scenarios:
If price breaks down from the H4 distribution, expect a retracement toward the nearest MB unfilled levels (~$2,700).
If bulls hold momentum, breaking above current resistance (~$3,000) could push prices into price discovery. 🚀
💡 Conclusion: Watch for price action around the unfilled MBs and fair volume ranges. A correction seems likely unless buyers step in aggressively.
🔥 Trade Wisely & Manage Risk! 🔥
