XAUUSD | Is This the Top? Retracement or Pump?

6 ก.พ.

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!!

6 ก.พ.

การซื้อขายยังคงดำเนินอยู่

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!!

6 ก.พ.

ปิดการเทรด: ถึงเป้าหมายการทำกำไร

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