A classic retail trap has occurred in the gold market (XAUUSD). The price broke local support/resistance, trapping retail traders into selling/buying, only for institutional algorithms to sweep liquidity and drive the price in the opposite direction. We have triggered a BUY position at the institutional entry point of 4296.00.
Outsmarting retail traps is the key to institutional trading. By entering at 4296.00, we buy/sell at the best discount price alongside smart money. To protect our trade, our stop loss is positioned at 4284.00.
Our profit targets are located at 4306.00, 4316.00, and 4336.00. Monitor the NY session close for trade management updates.