Gold at Double Range — reclaim $4,354 or pull back to $4,317? | XAUUSD Jun 17

I'm Daniel, an 8-year veteran prop trader helping beginners master trading. an FX Trading Lab community built to help you profit. For full details, check the description box below this video.

Today I'll cover gold technical analysis shared in Trading Lab. I'll walk through the content while covering the current 1-hour chart. As always, I'll answer from a short term perspective.

Just as I explained earlier for Trading Lab members For today's analysis, Daniel is maintaining a bullish outlook on gold. First, let me walk you through a detailed breakdown of this setup. In yesterday's stream, Daniel highlighted this demand zone pin bar as the key signal.

It leans more toward acting as a confluence zone going forward. That's what Daniel was explaining in yesterday's analysis session. Waiting for candle confirmation, we see an inside bar forming against that prior pin bar.

This close confirms price action identical to the simultaneous session. Price was cooling off, pulling back from highs. This played out exactly as our scenario predicted, just like this.

when price is acting as resistance, how should we trade it the textbook answer is to wait for a breakout either way so we need to wait for direction to be confirmed before taking any trade position so right now we are waiting for a confirmed breakout to occur while waiting for that breakout, we are also watching for a cooldown so on shorter timeframes we have an upper and lower boundary with internal movement when price moves from the lower boundary toward the upper boundary thats a bullish trend the opposite movement signals a bearish downtrend So drop to a lower timeframe, where every trend has a ceiling and a floor.

So with that in mind, build your trade plan accordingly. Now let's shift timeframes. Let's now drop down and examine the one-hour support levels.

The day before, Daniel streamed this red line zone for Trading Lab. It's exclusive content for Trading Lab members only, so details I can't share the full breakdown, but I'll cover the key points I'll highlight the key points from today's analysis for you Yesterday in Trading Lab I covered the first key point First, let's talk about market bias — this upward swing starting from this origin point As long as this upward move continues, we maintain a bullish bias — but how far up?

So we need to set a clear upside target for this move. The first approach is to treat the previous day's high as our maximum upside target value, and the second approach is a horizontal double range had recently formed using these two candles as the base so if we treat this as a measured move we can project the next target higher I covered that analysis in detail specifically for our Trading Lab members earlier. The key point is that the prior day showed a signal candle low below the blue channel upper boundary.

You could place a stop sell right at that level and this candle here is actually a pin bar signal I explained how a stop sell could be triggered right here. Looking back now, this entire week, when we review it in hindsight, has been quite revealing. The market opened with a blue gap, showing a strong uptrend.

So a continuation of the uptrend was expected, and then a shift to long trades began. Shifting from short to long was far more important here. This kind of quick bias shift isn't suited for beginners.

And then we had a breakout from the range, which I covered in that explanation. And for the pullback after that, there is a classic pattern to note. I had covered this in yesterday's detailed breakdown.

It was a fairly challenging market environment to navigate. I'll walk you through one key point while also referencing my own trade history. So let me now review how yesterday's market actually played out.

Let me start by looking at the very short term price action first. After the stream, price updated the high by about 19 dollars, which works out to roughly 193 pips. After playing out exactly as the scenario predicted, the price eventually followed the script.

As for the New York session, it followed a cooling consolidation pattern. Neither the lows nor the highs were updated, forming a tight range. So you can see that a scenario of new highs updating was in play.

Both the bullish and the pullback scenarios ended up playing out correctly. Today I'll also share some content from our Trading Lab members. And today, the near term outlook is showing volatility compression I'll explain how to position yourself given this double range pattern.

We also do our usual daily market recap from the prior session. For today's session, Daniel is maintaining a bullish bias on gold. That's all for now.