๐ Market Update โ August 3rd
Gold Trader Alliance โค
โ XAUUSD/H1 โ
- 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:
โค Following the recent rally, price has repeatedly faced rejection around the 4065โ4075 resistance zone, indicating that sellers are still defending this area aggressively.
โค 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.
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