š Market Structure & Trend
- The pair (XAUUSD) is currently in a clear uptrend ā shown by the rising trendlines and higher-high / higher-low structure.
- Price recently broke above a consolidation zone (the purple box) and is now pulling back toward that same zone, which may act as new support.
š Key Zones on the Chart
1. Support Zone (Re-test area)
- The purple horizontal zone below current price represents:
- Previous resistance ā now turning into support.
- Good area for a bullish re-entry if price retests it.
2. Resistance Zone (Target area)
- The thick blue line above marks a major resistance level, likely your Take-Profit zone.
š Expected Price Movement (Based on the arrows drawn)
Your chart suggests two possible bullish scenarios:
Scenario A ā Immediate Continuation
- Price stays above the current support
- Makes a small pullback ā continues upward toward the blue resistance zone.
Scenario B ā Deeper Retest
- Price drops back into the purple support box
- Forms a bullish confirmation (wick bounce, engulfing candle, etc.)
- Moves upward again toward the major resistance.
Both scenarios reflect a bullish continuation strategy, aligned with the overall trend.
š Entry & Risk Idea (Based on your drawn RR box)
Entry Zone
- Near the purple support zone, after confirmation.
Stop-Loss
- Placed below the purple zone (red area shown).
Take-Profit
- Aiming at the large blue resistance zone.
This suggests a trend continuation trade with a favorable risk-reward ratio.
š Summary
- Trend: Bullish
- Expectation: Pullback ā continuation upward
- Key support: Purple zone
- Key resistance/target: Blue line above
- Strategy: Buy the retest, not the breakout.