Based on technical analysis, the price has recently seen a sharp drop after a strong uptrend, indicating a potential reversal or correction. The daily RSI (72.27) is overbought, suggesting downside pressure. The MACD on the lower timeframes (M15 and M3) is bearish, confirming short-term momentum shift. Price action on M3 and M15 shows a lower high and a break of structure, signaling further downside.
From a fundamental perspective, if risk sentiment improves (equities rising, DXY strengthening, or bond yields increasing), gold could face additional selling pressure.
Trade Details
• Position: Short (Sell)
• Entry: 2892 (near minor resistance after a pullback)
• Stop Loss (SL): 2902 (10 pips above entry, covering recent highs)
• Take Profit (TP): 2872 (20 pips lower, respecting 2:1 RRR)
• Risk-Reward Ratio (RRR): 2:1
Trade Confirmation
1. Wait for price to retrace to 2892 before entering.
2. Watch for rejection candles (e.g., bearish engulfing or pin bars) on M3/M15 to confirm selling pressure.
3. Monitor fundamental factors such as USD strength, bond yields, and risk sentiment.
From a fundamental perspective, if risk sentiment improves (equities rising, DXY strengthening, or bond yields increasing), gold could face additional selling pressure.
Trade Details
• Position: Short (Sell)
• Entry: 2892 (near minor resistance after a pullback)
• Stop Loss (SL): 2902 (10 pips above entry, covering recent highs)
• Take Profit (TP): 2872 (20 pips lower, respecting 2:1 RRR)
• Risk-Reward Ratio (RRR): 2:1
Trade Confirmation
1. Wait for price to retrace to 2892 before entering.
2. Watch for rejection candles (e.g., bearish engulfing or pin bars) on M3/M15 to confirm selling pressure.
3. Monitor fundamental factors such as USD strength, bond yields, and risk sentiment.
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.