XAUUSD - SELL IDEA
In the XAU/USD 15-minute chart, we are witnessing a potential short opportunity. The price has just completed wave (5), reaching the 1.633 Fibonacci extension level at 2526.690, indicating that the upward momentum might be exhausted.
A corrective wave is expected, with potential retracement targets at key Fibonacci levels. The 0.382 level at 2517.190, the 0.5 level at 2514.255, and the 0.618 level at 2511.320 present possible areas where the price might find support before possibly resuming the previous trend.
This setup suggests a short trade could be profitable, aiming to capture the anticipated pullback to these Fibonacci levels. Keeping an eye on bearish signals as the price approaches these areas could offer a strategic entry for a short position.
A corrective wave is expected, with potential retracement targets at key Fibonacci levels. The 0.382 level at 2517.190, the 0.5 level at 2514.255, and the 0.618 level at 2511.320 present possible areas where the price might find support before possibly resuming the previous trend.
This setup suggests a short trade could be profitable, aiming to capture the anticipated pullback to these Fibonacci levels. Keeping an eye on bearish signals as the price approaches these areas could offer a strategic entry for a short position.
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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.