How Gold - XAUUSD gave the movement in New York Session

In this article, I am sharing my own analysis about How Gold - XAUUSD gave the movement in New York Session?

First of all, I am sharing here that Wick Rejection daily candle was closed yesterday on 24th July 2024, so we could expect sell today.

See the daily candle in the following picture.

As market reached at 12:00 AM last night, a huge selling candle was created, see in the following picture.

After that market started a consolidation for four hours till 5:00 Am, one hour before Asian Session. See the following picture.

 

When the Asian Session started at 6:00 AM, The market gave a big selling move of approximately 265 pips, this move showed that market will give a perfect sell today. See the following picture.

After that, the market started another range or consolidation for 9 hours from 7:00 AM to 4:00 PM. See the following picture.

 

Now what did the market in these 9 hours consolidation? 

The market created a range or consolidation and trapped to the buyers and sellers. Especially to the sellers who were selling in these hours. 

At about 4:00 PM, The market grabbed all the liquidity of the sellers and gave a big move to the sell side, and broke the previous structure.

After the break of structure (BOS), The market took a retracement between 61% - 78%, then continued its selling, and gave more than 270 pips.

See the following picture for better understanding.

I hope you enjoyed this article and understood well, how the Gold - XAUUSD market gave the selling opportunity today.