XAUUSD 5/5/24

5 Mei

Gold be in our second pair for this week we have a bearish range on the higher timeframe, collectively we know that gold is bullish as a whole but we have formed some bearish structure so we're going to follow that narrative and you can see by our markup we have three areas to watch, Based on this I am looking at the range that we established last week on the lower time frame this giving us our point of reference for what move is most likely. you can see the two points I have highlighted with our black lines showing you the high and the low, i'm looking for this range to be broken out either to the upside to give us a shift up into the daily order block marked with the red line above or I'm looking for price to breakdown lower for then a push to the upside to have them later on. The main thing to consider here is how price behaves when it gets either to the high or the low of the smaller time frame range we still have possibilities to break out of the range to the upside and then continue down when we meet the higher time frame structural high but if we do not we will look for buys and essentially we will just follow price action as we do every week!

Remember trade what you see trade your plan and always use appropriate risk!
wishing you all the best trading week!