Hello TradingView Community,
Following up on my Gold analysis from Monday, the price action has respected the levels I outlined (check my previous posts for the breakdown), delivering solid trade opportunities except yesterday's news-driven volatility. Today, we're eyeing a short setup on Gold based on the 15-minute timeframe.
Technical Analysis:
Gold is moving within a descending channel on the 15-min chart.
I've identified equal highs and a small FVG (Fair Value Gap) aligning with the 61.8% Fibonacci retracement of the channel's range.
This confluence zone is where I expect the price to react, potentially clearing liquidity above the channel before reversing.
Trade Plan:
Entry: Wait for the price to reach the confluence zone (equal highs + 61.8% Fib + FVG) and show a clear reaction (e.g., rejection or reversal pattern) before entering a short position.
Take Profit: Targeting 3310 level.
Risk Management: If the price fails to reach the zone and breaks lower, I'll stay out to avoid chasing trades. Patience is key here.
Stay disciplined, traders! Let the price come to our zone, and always manage your risk.
Follow for more setups, like this post if you found it helpful, and drop your thoughts in the comments below! Let’s discuss!
#Gold #XAUUSD #ShortSetup #TechnicalAnalysis
Following up on my Gold analysis from Monday, the price action has respected the levels I outlined (check my previous posts for the breakdown), delivering solid trade opportunities except yesterday's news-driven volatility. Today, we're eyeing a short setup on Gold based on the 15-minute timeframe.
Technical Analysis:
Gold is moving within a descending channel on the 15-min chart.
I've identified equal highs and a small FVG (Fair Value Gap) aligning with the 61.8% Fibonacci retracement of the channel's range.
This confluence zone is where I expect the price to react, potentially clearing liquidity above the channel before reversing.
Trade Plan:
Entry: Wait for the price to reach the confluence zone (equal highs + 61.8% Fib + FVG) and show a clear reaction (e.g., rejection or reversal pattern) before entering a short position.
Take Profit: Targeting 3310 level.
Risk Management: If the price fails to reach the zone and breaks lower, I'll stay out to avoid chasing trades. Patience is key here.
Stay disciplined, traders! Let the price come to our zone, and always manage your risk.
Follow for more setups, like this post if you found it helpful, and drop your thoughts in the comments below! Let’s discuss!
#Gold #XAUUSD #ShortSetup #TechnicalAnalysis
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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.
Related publications
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.