XAUUSD 9/6/24

9 de jun.

Second markup of the week of course has to be gold, Are two major pairs looking quite similar this week with a 4 hour breakdown a four hour range that holds no low yet & of course a range created by the NFP.
Our ideas for gold are the following price running down taking out the low we have marked for liquidity this ultimately delivering our four hour low of our range from that point we would expect price to pull back within the bearish range if it is going to continue to sell off!
If we do not take out this low and we form the range of low without liquidating we will still be looking for the pullback to occur, The option that runs parallel to this is price creating the low breaking it shortly after and making a smaller range continuing down without a pullback. As always this is speculative and we are looking for price to deliver this range low before we begin to overpredict what price may or may not do.

We are looking for price to sell off this week if it does not deliver and we shift bullish and we will be aligning with higher time frame narrative but as of now we are clearly bearish on this pair and we are expecting price to align with that as we come into our first sessions of the week.

Very simple outlook look for 4 hour load to form wait for price to pull back and expect new cells to come into the market.
Worst case scenario is the bias is completely incorrect and we see no trade given but as always we will read price action and trade what is being delivered to us.

Wishing you all the best trading week use appropriate risk read price action always use a stop loss.