This analysis may be useful for you!
This analysis may be useful for you!
Gold OANDA:XAUUSD
Robin-visionary
Current Market Context:
Friday's Decline: Gold price declined by 3%, taking equal lows at 2312.
H4 Chart Observations:
Imbalance: Seen at 2348, above price equilibrium.
Supply Zone: Noted at 2369.685.
Technical Analysis:
Correction Completion: The correction completed below 2312, suggesting a potential reversal or upward impulse.
Extended Stop Hunt: We had a significant stop hunt to the upside, forming an expanding flat correction pattern.
Trading Strategy:
Long Position:
Entry: 2288.00 ✅
Stop Loss: 2280.00 ❌
Target: 2348.00 🎯
Rationale: Based on the completion of the correction below 2312 and potential reversal signals, we entered a long position at 2288.00. The stop loss is set just below at 2280.00 to manage risk. We entered a long position at 2288.00. The stop loss is set just below at 2280.00 to manage risk.
Short Position:
Entry Region: Around 2348.00 📌
Rationale: If price reaches the imbalance level at 2348, we will look for short opportunities considering it aligns with our technical analysis.
Contingency Plan:
Early Week Downtrend:
Should the price continue to fall early next week, we will re-evaluate and update the chart with lower time frame structures to identify bullish trend support.
Summary:
Long Position: Already triggered at 2288.00, aiming for 2348.00. Long position: Already triggered at 2288.00, aiming for 2348.00.
Potential Short Setup: Around 2348.00, subject to confirmation.
Monitor Price Action: Early week
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