XAU/USD 30M - As we can see this market has been extremely bullish for sometime now but we are starting to see some weakness to the upside. This tends to happen after a large/long move in one direction.
There comes a time where price has to correct itself in order to continue in the path it set out originally, I feel this is the case now with XAU. We have seen that price nearly broke a higher TF Low, delivering us with a large bearish move.
It will be interesting to see how price plays out when it trades us into the FVG I have marked out for us above, this could be an area to look for potential shorts depending on the confirmation we are delivered with.
We need to keep in mind that today is the NFP so realistically anything goes, depending on the result will depend on what we can expect from XAU, but as of price action these are my thoughts with this pair.
There comes a time where price has to correct itself in order to continue in the path it set out originally, I feel this is the case now with XAU. We have seen that price nearly broke a higher TF Low, delivering us with a large bearish move.
It will be interesting to see how price plays out when it trades us into the FVG I have marked out for us above, this could be an area to look for potential shorts depending on the confirmation we are delivered with.
We need to keep in mind that today is the NFP so realistically anything goes, depending on the result will depend on what we can expect from XAU, but as of price action these are my thoughts with this pair.