XAUUSD(Gold): Possible scenarios

6 may

Hello traders.

As you can see the price created the swing high inside the bearish FVG in the premium which is a high probability resistance. In addition, this bearish FVG is aligning with the C.E. of the previous monthly wick.

The alternative scenario is, that the price increases to collect the liquidity above the relative equal highs. In this scenario, we are looking for SMT with silver that can be additional confirmation.



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🗓️06/05/2024
🔎 DYOR

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6 may

Nota

Please pay attention, in both scenarios we need an LTF confirmation for entry.

10 may

Nota

As I expected the price moved higher to collect the buy-side liquidity inside the bearish FVG.

Now, the price trade is in an important supply zone, If the market structure shifts in the 1Hour chart we can look for LTF confirmation for entry into the sell position.