Gold might just be the safe havenPEPPERSTONE:XAUUSD
In the daily timeframe, market took out BSL and failed to body close above. Moving into the 4H timeframe, to support the idea of a failure to break higher, we can see that market closed as a Doji(market indecision) . Dropping into the 5M timeframe, we can see 1. Sharp Turn(ST) strategy 2. Bullish rejection candle(respected) 3. FVG inversion . I believe this would be a strong enough evidence for market to retrace lower before another move higher.
Potential Scenario:
1. 15M timeframe, market will disregard a analysis and immediately shoot higher for ATH.
2. Market will commence a retrace towards the recent 4H FVG to fuel a move higher to create a new ATH.
3. Market will commence a retrace towards the recent Daily FVG to tap the low probability daily OB to fuel a move higher to create a new ATH. Also to fill the 4H volume imbalance in between.