Lenny Tran

[Itsadiee_Fx @Itsadiee1]

XAUUSD .

🚨IF YOU TRADE GOLD TODAY WITHOUT A PLAN YOU’RE DONE ❌ READ THIS NOW 🫵🏻

So, a very interesting setup has formed in gold, because of which I’m seeing some great trading opportunities. Friday’s market is likely to be one where both buyers and sellers get trapped. Let’s understand the market psychology in detail and discuss the trading plan. If you don’t want to get trapped, make sure to read this carefully so you can better understand how the market is behaving.

According to our weekly analysis, the selling move we were expecting has now been completed. Also, the level from where we expected a reversal — around $4514 — has given a strong bounce in gold. For now, I believe gold is unlikely to break this level again and may start its upside journey from here.

However, the way the market showed a continuous upside move on Thursday doesn’t mean the same will happen on Friday. Personally, I don’t expect that kind of move again. I was expecting a sideways market at lower levels on Thursday to confuse retail traders, but instead, we saw a strong upside move. This clearly indicates that smart money has already entered, and now the market is trying to attract buyers and sellers again at higher levels.

Two major traps were created in the market on Thursday:

1st Trap (At Higher Level):

If you notice, gold reversed exactly from around the $4644 area. This level had been acting as strong support for the past few days. When it broke earlier this week, we saw a strong fall. But now, on Thursday, the same level acted as resistance. Many price action traders have likely considered this as resistance and entered sell positions here. Those who missed earlier opportunities probably entered fresh sells from this level, expecting further downside.

But based on the current situation, I don’t think the market will fulfill that expectation. To build their confidence, we may still see some selling on Friday, and I believe the market could even close below $4600. If that happens, many sellers will carry forward their positions over the weekend — which can later be trapped next week.

2nd Trap (At Lower Level):

Now, if we look at Wednesday’s high around $4605, the market took support from this level during the NYC session. Many traders must have bought from here, but these are mostly late retail buyers. Smart money usually buys at the bottom where most traders don’t enter. Retail traders prefer buying on breakouts or after retests of support — and that’s where they often get trapped.

Since this support is close to the psychological level of $4600, most buyers would have placed their stop losses below it. These are the levels we’ll be watching closely. So, anyone who bought near $4605 is highly likely to get trapped.

Friday Plan of Action:

After the market opens, I expect those buyers near $4605 to get trapped first. After that, the market may slowly move bullish. During this move, new buyers may enter in the Asian session, especially after seeing Thursday’s strong upside — many will assume it’s just a retracement and try to buy.

Then, near Thursday’s high or after a breakout, I expect a reversal. This will trap all the buyers who entered at higher levels, as well as those who bought from the Asian session lows. By the end of the day, both buyers and sellers are likely to be trapped, creating confusion going into the weekend.

As mentioned earlier, if the market closes bearish and below $4600, many traders will carry forward sell positions based on the $4644 resistance. These positions can then be heavily trapped in the coming week.

So this is my plan for Friday. I hope you found it logical and learned something valuable from it. It’s the last trading day of the week and also the start of a new month, so trade carefully and with patience.

Good luck for the new month — I hope it turns out to be profitable for all of you!

Let me know your thoughts in comments ⬇️

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