XAUUSD | Is This the Top? Retracement or Pump?
Date: February 6, 2025
Timeframe: M15
Instrument: Gold (XAU/USD)
Market Overview :
We might have found a short-term top at ATH and nearest resistance is $2,871.
A Head & Shoulders pattern is starting to form. Elliott Wave (EW) suggests Wave 5 is complete, and a retracement has begun across multiple timeframes. BUT if momentum continues, $3,000 is still possible today.
Key Levels to Watch :
Resistance: $2,871 (nearest resistance)
Support & Retracement Zones :
$2,864 - $2,860 → First test zone
$2,845 → Key retracement target
$2,834 (1.618 Fib extension) → Deeper correction possible
Scenario 1 : Retracement Confirmed
If price fails to reclaim $2,871 and starts breaking below support.
Target downside: $2,845 and possibly $2,834.
Scenario 2 : Fake Retracement & Pump to 3K
Trading Plan & Bias: Wait for confirmation at the Singapore session open.
Short-term bias: Bearish only if price starts rejecting resistance & breaking structure.
Invalidation : If $2,871 flips into support, the bullish trend resumes.
Trade safe!!
Timeframe: M15
Instrument: Gold (XAU/USD)
Market Overview :
We might have found a short-term top at ATH and nearest resistance is $2,871.
A Head & Shoulders pattern is starting to form. Elliott Wave (EW) suggests Wave 5 is complete, and a retracement has begun across multiple timeframes. BUT if momentum continues, $3,000 is still possible today.
Key Levels to Watch :
Resistance: $2,871 (nearest resistance)
Support & Retracement Zones :
$2,864 - $2,860 → First test zone
$2,845 → Key retracement target
$2,834 (1.618 Fib extension) → Deeper correction possible
Scenario 1 : Retracement Confirmed
If price fails to reclaim $2,871 and starts breaking below support.
Target downside: $2,845 and possibly $2,834.
Scenario 2 : Fake Retracement & Pump to 3K
Trading Plan & Bias: Wait for confirmation at the Singapore session open.
Short-term bias: Bearish only if price starts rejecting resistance & breaking structure.
Invalidation : If $2,871 flips into support, the bullish trend resumes.
Trade safe!!
Trade active
On its way to 2846 it seems, I am taking 100 pips profit here and will keep monitoring as I only scalp but the bigger move still in play so far. Be safe!!Trade closed: target reached
I was out at 100 pips but price just reached 200 pips. I would T/P if you haven't yet and see what NYSE will do.
PS: vroom vroom beep beep lol
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.