The Daily Edge - 10th Feb 2025

Tracking Key Levels: XAUUSD Targets Fresh Highs Amid Bullish Momentum

Market Overview
As we begin Week 07, XAUUSD continues its bullish expansion across all higher time frames.

Quarterly: Q4 made a higher high and closed back in the Q2 range, printing a doji that hinted at indecision.
Monthly: January closed above all previous months, confirming strong bullish sentiment. Key levels are ST-HH at 2790 and ST-HL at 2536.
Weekly: Last week broke above the previous ATH at 2790, continuing the larger bullish trend.

Key Observations
Caution Amid Bullish Momentum:
Higher highs are printing, but a retracement into the recent expansion remains possible.
Daily Levels:
ST-HH at 2882: Price traded above this level intraday, signaling continued strength.
POI at 2867: Thursday’s candle open from last week serves as a critical level for potential retracements or re-entries.
Intraday Strength:
Price continues to confirm the bullish trend on lower time frames.

Next Steps
Manage Long Positions: Hold existing positions and align with risk parameters.
Monitor Retracements: Look to re-enter at key levels like 2867 for potential scaling.
Stay Trend-Aligned: Use intraday structures to optimize entries for continuation.

Reflection Prompt
How does tracking higher time frame levels like 2867 help refine your entries and maintain confidence in a strong trend?