This second chart builds on the previous idea and provides a possible trade scenario for CFDs on Gold:
Key Observations:
Current Price: Around $3,229.79
Two Key Zones:
Upper Red Zone (Resistance): Around $3,256–$3,264 — price may react bearishly here.
Lower Red Zone (Support-Turned-Resistance): Around $3,220 — may serve as a re-entry sell zone if price fails to hold above.
Arrows Indicate:
A potential upward move into the upper resistance zone, followed by a sharp bearish rejection.
Then, a projected move downward back toward the lower red zone and possibly below the $3,210 level.
Interpretation:
This chart appears to be forecasting a liquidity grab at the upper resistance before a reversal.
The white line at $3,209.824 could be a final target or support level, where price may eventually settle after the drop.
Potential Strategy:
Short Entry: Around $3,256–$3,264 (confirmation needed via wick rejection or bearish engulfing).
Stop Loss: Just above the resistance zone (e.g., $3,266+).
Take Profit: Gradually scale out between $3,220 and $3,210.
Let me know if you'd like this turned into a full trading plan with risk/reward calculations or if you’re analyzing this with a specific trading system.
Key Observations:
Current Price: Around $3,229.79
Two Key Zones:
Upper Red Zone (Resistance): Around $3,256–$3,264 — price may react bearishly here.
Lower Red Zone (Support-Turned-Resistance): Around $3,220 — may serve as a re-entry sell zone if price fails to hold above.
Arrows Indicate:
A potential upward move into the upper resistance zone, followed by a sharp bearish rejection.
Then, a projected move downward back toward the lower red zone and possibly below the $3,210 level.
Interpretation:
This chart appears to be forecasting a liquidity grab at the upper resistance before a reversal.
The white line at $3,209.824 could be a final target or support level, where price may eventually settle after the drop.
Potential Strategy:
Short Entry: Around $3,256–$3,264 (confirmation needed via wick rejection or bearish engulfing).
Stop Loss: Just above the resistance zone (e.g., $3,266+).
Take Profit: Gradually scale out between $3,220 and $3,210.
Let me know if you'd like this turned into a full trading plan with risk/reward calculations or if you’re analyzing this with a specific trading system.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.