OANDA’s XAUUSD First Half Technical Analysis: XAUUSD By Kelly_Koou_Gold — TradingView

Head and Shoulders (H&S) pattern

The head and shoulders structure is very evident on the current time frame, indicating that buyers are exhausted:
Left shoulder: formed near the 4,730 level.
Head: The highest point is 4,760 points, facing huge selling pressure.
Right Shoulder: Retesting of the 4,750 area has been completed and is currently showing signs of rejection.

Neckline: Currently located between 4,660 – 4,670. A decisive break above this line will confirm the downtrend.

Elliot Wave Concept
The price action enters a correction phase and in the current phase it transitions into a bearish figure structure consisting of 5 waves:

Waves (1) and (2): Done, establishing top and slightly correcting the jump.
Wave (3): It is expected to be the most aggressive expansion wave, targeting the “scalping buying” area near 4,630-4,640 points.
Wave (4): An expected technical pullback that will retest the upper display.
Wave (5): The last wave down, targeting the “strong liquidity” area of ​​4,550 – 4,560.

Main institutional level
FVG Sell Zone: 4,700 – 4,720 is considered a key resistance level. This is the ideal area to “sell strong” on a rebound.

Seller Liquidity: The level of 4661 represents a huge liquidity pool. A sustained close below this point could intensify the bearish momentum.

Strong Liquidity: The 4,550 area is a highly overlapping area for buyers and will be the main target throughout the trading day.

trading strategy
Bias: Bearish/Sell on Rebound

Sale

Basic entry: Sell on correction jump in FVG area (4,700 – 4,715).
Breakout Entry: Sell Stop Order Below Neckline at 4,660
Take profit: target price 1 is 4,635 (reselling target), target price 2 is 4,560
Stop Loss: 4,755 above the top of the right shoulder

Reselling and buying:

Counter-trend buys should only be considered at 4,635 or 4,555, subject to clear price rejection and confirmation on lower time frames.