Technical Overview: On the 1-hour chart, Gold is forming a clear bearish flag pattern, a continuation formation typically seen in downtrends. The flagpole represents strong bearish momentum, followed by a consolidation phase within a parallel channel – the flag itself. The price is currently near the upper boundary of this channel, suggesting a potential breakout to the downside is imminent.
Trade Setup:
Sell Entry: Around $3,256 (flag resistance zone)
Stop Loss: $3,282 (above flag resistance to protect against false breakout)
Take Profit: $3,196 (projected move equal to flagpole height)
Trend Analysis: The broader trend remains bearish, with lower highs and lower lows. Price is also trading below the Ichimoku Cloud, indicating continued downside pressure. Momentum indicators are aligning with bearish sentiment, and volume has decreased during the flag's formation, reinforcing the corrective nature of the flag.
Fundamental Insight: Gold continues to face pressure from a stronger USD and rising U.S. Treasury yields. Hawkish commentary from the Fed has dampened investor sentiment toward safe-haven assets like Gold. In addition, geopolitical tensions have not provided sufficient bullish momentum to break the current downtrend.
Summary: This setup offers a favorable risk-to-reward ratio, aligning both technical and fundamental confluence. Traders should watch for a breakout below the flag support for confirmation before entering the short position.
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Note: This is not financial advice. Please conduct your own research and manage risk accordingly.
Trade Setup:
Sell Entry: Around $3,256 (flag resistance zone)
Stop Loss: $3,282 (above flag resistance to protect against false breakout)
Take Profit: $3,196 (projected move equal to flagpole height)
Trend Analysis: The broader trend remains bearish, with lower highs and lower lows. Price is also trading below the Ichimoku Cloud, indicating continued downside pressure. Momentum indicators are aligning with bearish sentiment, and volume has decreased during the flag's formation, reinforcing the corrective nature of the flag.
Fundamental Insight: Gold continues to face pressure from a stronger USD and rising U.S. Treasury yields. Hawkish commentary from the Fed has dampened investor sentiment toward safe-haven assets like Gold. In addition, geopolitical tensions have not provided sufficient bullish momentum to break the current downtrend.
Summary: This setup offers a favorable risk-to-reward ratio, aligning both technical and fundamental confluence. Traders should watch for a breakout below the flag support for confirmation before entering the short position.
Support: If you found this helpful, like and follow for more trade ideas!
Must Support Me Share My Idea With Your Firends Mention Your Feed back Comment Section
Note: This is not financial advice. Please conduct your own research and manage risk accordingly.
Trade active
trade Active in sell from 3257Trade closed: target reached
Trade Closed At 3224 320+ Profit Acheived
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For More Help
Telegram @Josh_trading
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Our Channel
t.me/+sx2UuhofKsE4ODY0
Telegram @Josh_trading
t.me/+rTQmlGBcbsk1YjI0
Our Channel
t.me/+sx2UuhofKsE4ODY0
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.