XAUUSD Analysis (14th May 2024)

Market Analysis PT1/2 (14th May 2024)

XAUUSD Analysis

On the Daily timeframe, price has retraced to the 0,618 Fibonacci retracement level which is a key area where price could look to go long from.

On the 4 hour timeframe, we have created a daily FVG, and price has rejected of it temporarily so we need to look for confirmations.

dropping to the 15 minute timeframe, There are 2 scenarios i am looking at.

1) price creates A Change of Character with a body candle close above the 2346.06 level. This will indicate the 15 minute timeframe is shifting for bearish to bullish price action and we can look for a BOS to support that on the 5/15 minute timeframe in order to look for BUYS.

2) Price breaks through the 4 hour FVG/15 minute bullish OB, breaking past the 2328.31 level with a body candle close below. If this happens, Bearishness on Gold is still in play and we can continue to look for shorts during the London session.