XAU/USD - Potential 700+ Pip Drop Analysis Broken Down
Price broke the HH & HL structure on the 1 & 4hr timeframe, and has now been retracing upwards towards the Daily/1hr OB.
We also have a strong liquidity level below and an IC candle right below it, making it a decent level to target.
Our first potential entry area is marked from the 1 hour OB, and our tighter, lower risk entry is marked from the 15 min OB. The 15 min entry also perfectly lines up the the 0.88 fibonacci level, making it look like a stronger entry point.
Looking at both sides of the coin, there still is great possibility that the HH’s & HL’s could continue and price could resume heading to the upside, breaking past our entry point and testing off the OB at the 1860 level instead.
We also have a strong liquidity level below and an IC candle right below it, making it a decent level to target.
Our first potential entry area is marked from the 1 hour OB, and our tighter, lower risk entry is marked from the 15 min OB. The 15 min entry also perfectly lines up the the 0.88 fibonacci level, making it look like a stronger entry point.
Looking at both sides of the coin, there still is great possibility that the HH’s & HL’s could continue and price could resume heading to the upside, breaking past our entry point and testing off the OB at the 1860 level instead.