GOLD ANALYSIS 1ST NOV 2024
Gold Market Analysis
Gold recently took a 400-500 pip plunge, which we captured yesterday. Currently, price has tapped into a 4-hour order block and is forming higher highs, though the bullish momentum remains relatively weak.
On the 5-minute timeframe, there's a minor order block in focus. If price breaks above this level and retraces, it’s likely to reach a major order block overhead. This move could potentially trigger a strong bullish push, as there are limited levels above, only some imbalances and fair value gaps (FVG) to consider.
However, if this bullish setup turns out to be a trap, we may see price tap or briefly break the order block to attract more buyers, only to reverse and resume the bearish trend with increased momentum.
Trade Strategy
To reduce risk, always wait for market structure confirmations on the 15-minute or 1-hour timeframe. Let the setup develop, and don’t jump in prematurely.
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Gold recently took a 400-500 pip plunge, which we captured yesterday. Currently, price has tapped into a 4-hour order block and is forming higher highs, though the bullish momentum remains relatively weak.
On the 5-minute timeframe, there's a minor order block in focus. If price breaks above this level and retraces, it’s likely to reach a major order block overhead. This move could potentially trigger a strong bullish push, as there are limited levels above, only some imbalances and fair value gaps (FVG) to consider.
However, if this bullish setup turns out to be a trap, we may see price tap or briefly break the order block to attract more buyers, only to reverse and resume the bearish trend with increased momentum.
Trade Strategy
To reduce risk, always wait for market structure confirmations on the 15-minute or 1-hour timeframe. Let the setup develop, and don’t jump in prematurely.
If you found this breakdown helpful, please like, follow, and leave a comment for more insights on trade logic.
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