XAUUSD Friday Trading Plan
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Following the massive sell-off during the three session on Thursday, the market has shifted from a steady uptrend into a sharp bearish structure. The recent price action broke below key support levels, creating potential for a bearish continuation but also signalling possible accumulation near current lows.
The chart structure appears to show elements of a Wyckoff schematic:
Preliminary Support (PS): Buyers began stepping in as the initial drop slowed, likely absorbing sell orders.
Selling Climax (SC): A large impulse to the downside marked the lowest point of intense selling, followed by a relief rally.
Automatic Rally (AR): A quick upside reaction, suggesting that demand re-entered the market.
Secondary Test (ST): Price retested near the SC level, confirming it as a key area of interest.
Resistance: $2,700: Psychological level and potential midpoint for further bearish movements.
Support: $2,680: The current low and possible accumulation area and further down at $2,650 we'll find lower support area.
Bearish Case: If price fails to reclaim the $2,700 level and shows signs of distribution (e.g., liquidity sweeps or bearish order blocks near resistance zones), a continuation to the downside could target $2,650 or even lower.
Bullish Case: Evidence of accumulation (e.g., higher lows forming or Wyckoff Spring behaviour near $2,680) could signal the start of a recovery rally back toward $2,700 or higher into the $2,725 range.
For the Asia Open: Monitor the $2,680 zone for signs of demand accumulation. Look for a Wyckoff Spring setup or a sweep of liquidity followed by a market structure shift (MSS) on M1.
TRADE SAFE !!
The chart structure appears to show elements of a Wyckoff schematic:
Preliminary Support (PS): Buyers began stepping in as the initial drop slowed, likely absorbing sell orders.
Selling Climax (SC): A large impulse to the downside marked the lowest point of intense selling, followed by a relief rally.
Automatic Rally (AR): A quick upside reaction, suggesting that demand re-entered the market.
Secondary Test (ST): Price retested near the SC level, confirming it as a key area of interest.
Resistance: $2,700: Psychological level and potential midpoint for further bearish movements.
Support: $2,680: The current low and possible accumulation area and further down at $2,650 we'll find lower support area.
Bearish Case: If price fails to reclaim the $2,700 level and shows signs of distribution (e.g., liquidity sweeps or bearish order blocks near resistance zones), a continuation to the downside could target $2,650 or even lower.
Bullish Case: Evidence of accumulation (e.g., higher lows forming or Wyckoff Spring behaviour near $2,680) could signal the start of a recovery rally back toward $2,700 or higher into the $2,725 range.
For the Asia Open: Monitor the $2,680 zone for signs of demand accumulation. Look for a Wyckoff Spring setup or a sweep of liquidity followed by a market structure shift (MSS) on M1.
TRADE SAFE !!
Nota
The price could also very well respect the FVG at 2696 and go down from there. It is gold, you can only plan a few scenarios and react to them...Dagangan ditutup: sasaran tercapai
As mentioned, price tapped in the FVG and dropped to 2650 area. New week, new day new day, stay tuned!!
Penafian
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