15-Minute Timeframe,
Entry/Execution Setup
Market Structure,
The 15m chart shows a "Bearish BOS" (Break of Structure) followed by a "MSS" to the downside.
Order Block / Supply,
There is a clear supply zone near $4,760 where the price aggressively moved away, leaving behind an FVG (Fair Value Gap)
Current Setup,
Price is currently consolidating in a small range between $4,627 and $4,700.
Bearish Case,
If price fails to break back above $4,702, it will likely hunt the sell-side liquidity sitting below the trendline ($4,597)
Bullish Case,
A displacement above $4,720 would be needed to shift the 15m structure back to bullish for a retest of the 4H supply.
Summary & Trade Plan
Current Bias,
Neutrally Bearish (Wait for Confirmation)
For Shorts , Look for a rejection at the $4,700 - $4,720 zone (15m supply). Our target would be the trendline break leading down to $4,597 and eventually $4,402.
For Long,
Only consider longs if price holds the trendline and prints a bullish Change of Character (ChoCh) on the 5m/15m timeframe.
Critical Level: $4,676. Staying below this level keeps the pressure on the downside Noted
Risk Management Note,
Given the "Jobless Claims" data we discussed earlier, expect high volatility. Ensure your Stop Loss is placed above the recent 15m swing high to avoid being wicked out by news-driven spikes.
$XAU
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