the Gold (XAU/USD) 1H chart is showing a pullback towards the broken dynamic support, which could now act as resistance. This setup suggests that Gold may continue to decline from here.
Key Points:
Pullback to Broken Support:
Gold is currently testing the broken dynamic support, and this often leads to a downward move if the resistance holds.
Short Setup:
A short position could be considered with a stop-loss placed just above $2650, which is the key resistance level.
Conclusion:
This pullback could be the perfect setup for a short trade, but always manage your risk. If the price breaks above $2650, reconsider the trade.
Note: This analysis is based on technical patterns, always trade responsibly and with proper risk management.
Key Points:
Pullback to Broken Support:
Gold is currently testing the broken dynamic support, and this often leads to a downward move if the resistance holds.
Short Setup:
A short position could be considered with a stop-loss placed just above $2650, which is the key resistance level.
Conclusion:
This pullback could be the perfect setup for a short trade, but always manage your risk. If the price breaks above $2650, reconsider the trade.
Note: This analysis is based on technical patterns, always trade responsibly and with proper risk management.
Trade active
a takeout happened , we changed our stop loss to 2653 , lets bleed
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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.