XAUUSD Analysis (10th May 2024)

Market Analysis PT1/2 (10th May 2024)

XAUUSD Analysis

On the 1 hour timeframe, price has finally broken out of the 3 day range we have formed.

As price is driving towards higher prices on Gold, Price has actually created a 1 hour Bullish FVG as well as a Bullish OB.

There are 2 scenarios that could play out.

1) Price retest into the FVG and continues bullish after a quick retest, giving us a 5 minute Change of Character to the upside.

2) Price retraces deeper into the 1 hour OB. IF this happens i will wait for a 15 minute CHOCH before looking for potential buy entries.