XAU/USD: Waiting for the Dip Before the Next Leg Up – Intraday Long Play!

Market Overview & Trend Check

Hey KoraFX fam! Hope you're all having a great trading week. Let's talk about Gold (XAU/USD) today. It's been on a solid bullish run, currently sitting around 2939.93, up a decent 0.68% in the last 24 hours. The overall trend is clearly bullish, which means we're looking for opportunities to go long. The daily range has been from 2910.03 to 2969.83, showing good volatility. While it's tempting to jump in, I'm waiting for a specific setup to keep my risk conservative.

My Intraday Setup: Patience is Key

So, the chart is screaming bullish, but my style is all about trading what the price shows, not just chasing it. For an intraday long, I’m eyeing an entry around 2926. This level is a nice retest zone, giving us a bit of a discount from the current price before the next push. My stop loss is set quite tightly at 2854, just below the strong 2850 support level. This ensures we