This past week, gold faced strong bearish pressure, closing with a weekly bearish engulfing candle. The daily timeframe reinforced this sentiment with two consecutive bearish engulfing candles, breaking a major structure at 2880.
However, Friday provided an opportunity, as we caught the falling knife, entering a long position at 2833, the week's lowest point.
Key Levels & Outlook for Next Week
Upside Target: We are holding our buy position to 2880, expecting a retracement to this key level.
Bearish Continuation: If 2880 holds as resistance, we will look for rejection signals to sell back down towards the next major support at 2770.
Confluences Supporting a Sell from 2880
✅ Fibonacci 0.618 retracement level
✅ Broken support turned resistance
✅ 4H trendline resistance
✅ Overall bearish market structure
Plan: A retracement into 2880 followed by rejection will confirm bearish continuation. If price holds under 2880, shorts towards 2770 will be the play for next week.
XAUUSD
Long / Sell Limit
Entry: 2880
TP: 2770
SL: 2898
Note: past profit do not predict future profits
Risk 0.5-1%
TP1 2875
TP2 2870
TP3 2865
TP4 2860
However, Friday provided an opportunity, as we caught the falling knife, entering a long position at 2833, the week's lowest point.
Key Levels & Outlook for Next Week
Upside Target: We are holding our buy position to 2880, expecting a retracement to this key level.
Bearish Continuation: If 2880 holds as resistance, we will look for rejection signals to sell back down towards the next major support at 2770.
Confluences Supporting a Sell from 2880
✅ Fibonacci 0.618 retracement level
✅ Broken support turned resistance
✅ 4H trendline resistance
✅ Overall bearish market structure
Plan: A retracement into 2880 followed by rejection will confirm bearish continuation. If price holds under 2880, shorts towards 2770 will be the play for next week.
XAUUSD
Long / Sell Limit
Entry: 2880
TP: 2770
SL: 2898
Note: past profit do not predict future profits
Risk 0.5-1%
TP1 2875
TP2 2870
TP3 2865
TP4 2860
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.