Price on Gold (XAUUSD) has reached a major supply zone between $3,242 – $3,251 after a strong bullish move. This zone has previously acted as resistance and caused significant rejections, confirming its importance.
We also observe a potential double top pattern forming near this zone, indicating a weakening bullish momentum. At the same time, the Stochastic Oscillator is in the overbought area, suggesting a possible short-term reversal or correction.
🧠 My trade idea:
Looking for a bearish rejection candle in this zone to confirm short entry.
Entry: Around $3,245 – $3,250
Stop Loss: Above $3,255
Take Profit 1: $3,207 (next demand zone)
Take Profit 2: $3,200 (Fibonacci target)
⚠️ Always manage your risk. This setup is based on 15m structure and short-term signals.
We also observe a potential double top pattern forming near this zone, indicating a weakening bullish momentum. At the same time, the Stochastic Oscillator is in the overbought area, suggesting a possible short-term reversal or correction.
🧠 My trade idea:
Looking for a bearish rejection candle in this zone to confirm short entry.
Entry: Around $3,245 – $3,250
Stop Loss: Above $3,255
Take Profit 1: $3,207 (next demand zone)
Take Profit 2: $3,200 (Fibonacci target)
⚠️ Always manage your risk. This setup is based on 15m structure and short-term signals.
MESHARI
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.
MESHARI
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.