Hello fellow traders,
On the daily chart of
XAUUSD
, we are currently observing a predominantly bearish trend. We have identified an important price level known as the " (IMB) FAIR VALUE GAP" on the daily timeframe, which we anticipate will be filled in the near future. Presently, the market exhibits a bearish sentiment with a strong downward momentum. This is evident in the increasing size of the bearish candlesticks.
The potential reversal point for this downward movement could occur around the OverSold (O.S) region or, more specifically, at the Order Block (OB). However, it is crucial to exercise caution and await confirmation, preferably on the 4-hour chart. As of now, the overall bias remains bearish.
In the short term, we anticipate the possibility of a pullback. It's worth noting that the upcoming week holds significant news events, including Non-Farm Payrolls (NFP), inflation data, and the ISM report, which could potentially impact market dynamics.
Please conduct your own thorough analysis and risk assessment before making any trading decisions. Trading involves risks, and it's essential to employ proper risk management strategies. Stay tuned for further updates as the market evolves.
On the daily chart of
XAUUSD
, we are currently observing a predominantly bearish trend. We have identified an important price level known as the " (IMB) FAIR VALUE GAP" on the daily timeframe, which we anticipate will be filled in the near future. Presently, the market exhibits a bearish sentiment with a strong downward momentum. This is evident in the increasing size of the bearish candlesticks. The potential reversal point for this downward movement could occur around the OverSold (O.S) region or, more specifically, at the Order Block (OB). However, it is crucial to exercise caution and await confirmation, preferably on the 4-hour chart. As of now, the overall bias remains bearish.
In the short term, we anticipate the possibility of a pullback. It's worth noting that the upcoming week holds significant news events, including Non-Farm Payrolls (NFP), inflation data, and the ISM report, which could potentially impact market dynamics.
Please conduct your own thorough analysis and risk assessment before making any trading decisions. Trading involves risks, and it's essential to employ proper risk management strategies. Stay tuned for further updates as the market evolves.