Chart Overview:
This 4-hour chart of Gold (XAU) against the Euro (EUR) suggests a potential bearish setup as the price has reached a key resistance zone.
Key Observations:
Resistance Zone: The price has broken above a descending channel and is testing a significant resistance level around 2,790 - 2,800 EUR.
Sell Signal: A rejection from this resistance level has prompted a potential short entry.
Bearish Target: The projected price decline could reach the 2,727 EUR support zone, aligning with previous demand areas.
Risk-to-Reward: The expected decline represents a -2.08% move, indicating a strong risk-reward setup for sellers.
Trading Idea:
Sell Entry: Near 2,790 EUR (if rejection confirms).
Target: 2,727 EUR (support zone).
Invalidation: A breakout above resistance could signal further bullish continuation.
This setup suggests a short opportunity, but traders should watch price action for further confirmation before entering trades. 📉🔥
This 4-hour chart of Gold (XAU) against the Euro (EUR) suggests a potential bearish setup as the price has reached a key resistance zone.
Key Observations:
Resistance Zone: The price has broken above a descending channel and is testing a significant resistance level around 2,790 - 2,800 EUR.
Sell Signal: A rejection from this resistance level has prompted a potential short entry.
Bearish Target: The projected price decline could reach the 2,727 EUR support zone, aligning with previous demand areas.
Risk-to-Reward: The expected decline represents a -2.08% move, indicating a strong risk-reward setup for sellers.
Trading Idea:
Sell Entry: Near 2,790 EUR (if rejection confirms).
Target: 2,727 EUR (support zone).
Invalidation: A breakout above resistance could signal further bullish continuation.
This setup suggests a short opportunity, but traders should watch price action for further confirmation before entering trades. 📉🔥
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.