THE FOREX ADVENTURES I XAUUSD 4H TECHNICAL ANALYSIS OUTLOOKXAUUSD 4H TECHNICAL ANALYSIS OUTLOOK
Analysis
Current Situation:
* Gold is currently trading at $2,657 in the 4-hour Order Block.
* The Demand Zone below at $2,613 / $2,623 provides support.
Potential Scenarios:
* Bullish Scenario:
* If any 4H candle break up this 4H order block then take buy entry at retest and set target at $2,685, the next resistance level to watch is the $2,690 / $2,695 level. because there is 4H FVG.
* A break above this FVG could signal a further uptrend, with potential targets at the previous highs around $2,700..
* Bearish Scenario:
* I specially favour in sell trade from this area because there is bearish 4H order block at $2,655 / $2,666. until any 1H candle break up this order block.
* 30M strong sell candle at this level could signal a further downtrend, with potential targets at the $2,630.
Sell Trade Setup:
* Entry: Wait for a 30M strong sell candle down the 4H order block $2,655 / $2,666.($2,695. on a 4-hour timeframe, with a confirmation candle closing below this level.
* Stop-Loss: Place the stop-loss just above the 4H order block $2,655 / $2,666.
* Profit Target: Set the initial profit target at the demand zone ($2,625).
Risk Management:
* Use a position size that aligns with your risk tolerance.
* Consider trailing your stop-loss as the price moves in your favor to protect profits.
