Gold is facing strong OrderBlock on 4h, while being overextended to the upside leaving lots of imbalance. We could see some potential down movement from here. let's see what happens
עסקה סגורה: היעד הושג:
Our final target ( SSL ) was taken out just as expected. If anyone capitalized on this idea, congrats.
What next? On the daily timeframe we have a big M formation that we could see the markets draw into and a potential downmove from there IF we see bearish pressure. If not we might break the neckline to the upside, take out BSL at $1904 level, and should the market continue up to the 4H orderblock we could still see a reaction. Not as probable as when I first posted the analysis because lots of targets were reached, but we still have a few more levels that could get reached.
Also, check the big gap (Imbalance) that was created on 16th June. There's a big chance we could see price move up into this area and fill it.
Good luck