$XAU – Buying as price reclaims support after a deep shakeout

Set up long $XAU
Entry: 4,660 – 4,700
TP1: 4,900
TP2: 5,120
TP3: 5,360
SL: 4,508
After the sharp drop into the 4,300–4,400 zone, price responded with a clear bounce and is now reclaiming the 4,680 area. What I like here is the deep lower reaction followed by a fast recovery, which usually tells me buyers are absorbing supply around the lows.
The current structure feels more like a recovery after a shakeout than immediate downside continuation. The latest candle is holding back above the entry zone in a fairly clean way, which suggests the market is starting to accept higher prices instead of getting sold off right away. If the 4,660–4,700 area holds, this long setup has room to push toward 4,900 first, then potentially 5,120–5,360.
I prefer the long side here because after a hard flush lower, price didn’t stay pinned at the bottom and bounced back with intent. If price breaks below 4,508, the reclaim fails and the long setup loses its edge.
Trade $XAU now