Gold Spot/USD (XAUUSD) Analysis: Potential Reversal

In this analysis of the Gold Spot/USD (XAUUSD) on the 1-hour chart, we observe key market structures and potential trading opportunities:

1. Price Action: The price has been trending upwards, creating a higher high near the 2757-2758 zone.


2. Key Levels:

Resistance Zone: The area around 2757-2758 acts as a significant resistance where the price might face selling pressure.

Support Zone (HTF Order Block): The highlighted purple zone around 2747 represents a higher time frame order block, a potential support area where buyers may step in.



3. Potential Scenario:

If the price retraces to the HTF order block (purple zone), we could see a bullish reaction as buyers take control.

Conversely, a break below this order block might signal further bearish momentum.



4. Trading Plan:

Bullish Scenario: Look for long opportunities if the price shows bullish reversal patterns within the HTF order block.

Bearish Scenario: Monitor for short setups if the price breaks below the HTF order block with strong momentum.