GC1! MGCG2026 XAUUSD Traders. Update on the opening flows of the week.
Market Context (The Defense): Yesterday, the auction probed slightly below Friday's low, but failed to find acceptance or continuation.
The Reaction: Instead of triggering a broader liquidation break, we saw immediate short covering.
Key Observation: The market barely tested Thursday's low. This inability to extend lower and "repair" the structure indicates a lack of aggressive selling interest.
Structure & Outlook: I do not view this price action as a sign of weakness. On the contrary, the rejection of lower prices suggests responsive buying is present.
The Expectation: We are looking for this initial short covering to transition into New Money (OTF) buying.
The Confirmation: If "New Money" steps in above the current balance, it validates the resilience we saw yesterday and should drive the auction higher.
Plan & Execution:
Bias: Constructive / Looking for upside rotation.
Focus: Monitoring the transition from mechanical short covering to genuine initiative buying.
Talk to you for the next update.
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