Watch for a Potential Pullback (July 23) - GOLD PLAN XAUUSD – Is the Bullish Wave Losing Steam? Watch for a Potential Pullback (July 23)
📰 Market Overview
Gold made a strong rally last night, fueled by:
Fed Chair Powell’s speech, which avoided any controversial remarks or hints about stepping down.
Rising geopolitical tensions between the US, China, and the EU, with August 1st looming as a critical deadline.
A dip in US bond yields and the dollar, giving risk assets — including gold — room to rise.
While there’s no major news on today’s calendar, the market could remain volatile within a wide range.
📉 Technical Outlook
Gold seems to be wrapping up its bullish wave as seen on the H4 chart. On the H1 and M30 timeframes, reversal candles are starting to form — an early signal of potential correction.
The short-term support at 3412 – 3410 is the key zone to watch. If that breaks and we get a clean breakdown from the trendline, a deeper pullback could be underway — possibly heading toward liquidity zones lower down.
Two main Fair Value Gap (FVG) areas on H1 are also in play as high-probability liquidity targets.
Down at the 335x region, we have a confluence of FIB 0.618 retracement and historical buying interest — making it an attractive zone for long setups if the price reacts properly.
📌 Trade Setups for Today
🔻 SELL ZONE: 3469 – 3471
Stop Loss: 3475
Take Profits: 3465, 3460, 3455, 3450, 3445, 3440, 3430, 3420
→ Ideal zone to look for bearish setups after a retest.
🔸 BUY SCALP: 3385 – 3383
Stop Loss: 3379
Take Profits: 3390, 3394, 3398, 3402, 3406, 3410
→ Short-term buy for intraday traders catching the pullback.
🔹 LONG-TERM BUY ZONE: 3356 – 3354
Stop Loss: 3350
Take Profits: 3360, 3364, 3368, 3372, 3376, 3380, 3390, 3400
→ This is the deep liquidity zone worth watching for high-conviction buy entries.
⚠️ Risk Reminder
With fewer news catalysts, gold may trap traders by sweeping liquidity in both directions.
Stick to your plan, follow TP/SL strictly, and avoid chasing price. Let the market come to you.
💬 Sometimes the best trade is waiting for the right level. Stay patient, stay sharp.
