XAUUSD - 2024/08/06

6 août

Looking at Gold today we can see that yesterday we had e very decent pullback back into a volume sell zone to possibly continue moving lower.

Looking at the fundamentals we do not have anything on the economic calendar today that will have a big impact on the price of gold.

Gold already started moving away from the sell zone (about 60 pips). For me personally i do not trade a market that has already left my volume zones, so i will wait for London Session or New-York Session toe possibly push back into my zone for further continuation downwards.

6 août

Note

Market pulled back into our 1h volume sell zone, then we waited for the confirmation to take our trade.

The confirmation for me to take the trade was:
1. Market is in a clear bearish trend looking at the Lower High and Lower Lows.
2. In Asian session we made a new Lower High and then tried pushing down.
3. London session cam back into our sell zones, respecting Asian highs making an new
Lower High.
4. On the 30m timeframe we can see that we are forming a clear resistance below the London highs at the price of 2415.
5. We then had a bearish candle close on the 30m timeframe, after we broke the low of this bearish candle we took the trade.