📌 Market Update – August 3rd
Gold Trader Alliance ❤
— XAUUSD/H1 —
- The market opened the week with a bullish gap, but the gap was filled almost immediately, suggesting that the initial liquidity imbalance has already been absorbed.
- At this stage, the market has not yet confirmed a clear directional trend, so there's no need to rush into a trade.
My preferred scenario remains bearish, with price potentially revisiting the 39xx area, for several reasons:
➤ Following the recent rally, price has repeatedly faced rejection around the 4065–4075 resistance zone, indicating that sellers are still defending this area aggressively.
➤ The current move still appears to be a technical pullback within the broader bearish structure, with no confirmed bullish reversal on the M30 timeframe.
This is still a preferred scenario, not a confirmation. We'll wait for a decisive breakout candle before committing to any position.
