Monday 09.03.2026 Gold Recap

Previous Session Recap

1. At the market open, we saw strong gold outflows that continued throughout the Asian morning session. The price declined from $5,172 to $5,025,,where it reached a previous 5-minute support level.
   

2. The first indication of buyer strength emerged when a double bottom formed at support, signalling seller exhaustion. Price then continued to rally, forming a higher high and a higher low, followed by a new higher high. This pattern indicates a shift in market structure, with buyers taking control.
   

3. Price then consolidated in a tight range When consolidation like this occurs, a strong bullish breakout candle often signals a high probability of an upward rally.
   

4. Short bullish rally was created by a strong candle bullish close above the range.

   
   

5. The rally was corrected, but the price remains above the consolidation range, indicating that buyers are still in control.

London Open Trade Analysis

Candle 1 was the first 5-minute candle of the London Open. If Candle 1 had first created a bottom wick and then broken the previous candle’s high, it would have been a clear buy signal. Since this setup did not occur, we waited patiently for the next opportunity. However, price still managed to create a higher high.

Candles 2 and 3 corrected the bullish move from Candle 1. During this pullback, we anticipated a potential rejection from the 5-minute support level for a possible buy opportunity.

Candle 4 marked the open of a new 15-minute candle. It wicked down to retest the support level and formed without a significant top wick. Therefore, there was a high probability that a top wick would form as price moved higher.

The trade was taken once price broke above Candle 4’s high, confirming support rejection. The stop loss was placed below Candle 4’s low, and profit was taken at a 1:1 reward-to-risk ratio