Analysis:
Gold (XAU/USD) has been trading within a well-defined ascending channel on the 4-hour timeframe.
The price is now approaching the key resistance zone around $3,054, where sellers may become active.
A potential bearish rejection could lead to a reversal towards the $2,980 target level, aligning with previous support.
The setup suggests a sell opportunity at resistance, expecting a downward move.
Trading Plan:
Entry: Consider selling near $3,054 after confirmation of rejection.
Target: $2,980 (Support level).
Stop-Loss: Above recent highs to manage risk.
Conclusion:
If the price fails to break above resistance, XAU/USD could see a pullback, offering a shorting opportunity. Traders should watch for bearish signals before entering trades.
Gold (XAU/USD) has been trading within a well-defined ascending channel on the 4-hour timeframe.
The price is now approaching the key resistance zone around $3,054, where sellers may become active.
A potential bearish rejection could lead to a reversal towards the $2,980 target level, aligning with previous support.
The setup suggests a sell opportunity at resistance, expecting a downward move.
Trading Plan:
Entry: Consider selling near $3,054 after confirmation of rejection.
Target: $2,980 (Support level).
Stop-Loss: Above recent highs to manage risk.
Conclusion:
If the price fails to break above resistance, XAU/USD could see a pullback, offering a shorting opportunity. Traders should watch for bearish signals 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.