In last week, we saw the price action shows relatively small fluctuations with frequent pullbacks, indicating a range-bound movement in the short term.
There are multiple instances of price testing resistance and support levels, suggesting a possible consolidation phase. Momentum appears to be neutral, with no clear trend dominance.
However, I would say the gold price will breakout this week. Below is our opportunity!
I have shared the long scenario in another post. pleas check my profile.
📉 Bearish Breakout Strategy
🚨 Scenario: If price breaks below $2,894 (Fibo 0.5) with strong momentum
🔸 Entry Rules:
Sell when price closes below $2,894 (Fibo 0.5) with a strong bearish candle
🎯 Targets for Bearish Breakout:
1️⃣ $2,880 - $2,882 (Fibo 0.382 at $2,879)
2️⃣ $2,860 - $2,865 (previous support zone)
3️⃣ $2,845 - $2,850 (strong downside extension if momentum continues)
🛑 Stop Loss:
Above $2,900 - $2,902 (previous support-turned-resistance)
Tighter SL: $2,898 if scalping
🔹 Additional Confirmation Before Short Entry
✅ Wait for retest: If price breaks below $2,894, a pullback to $2,894 - $2,896 is a better short entry.
✅ Avoid fakeouts: Ensure volume is above average before entering.
There are multiple instances of price testing resistance and support levels, suggesting a possible consolidation phase. Momentum appears to be neutral, with no clear trend dominance.
However, I would say the gold price will breakout this week. Below is our opportunity!
I have shared the long scenario in another post. pleas check my profile.
📉 Bearish Breakout Strategy
🚨 Scenario: If price breaks below $2,894 (Fibo 0.5) with strong momentum
🔸 Entry Rules:
Sell when price closes below $2,894 (Fibo 0.5) with a strong bearish candle
🎯 Targets for Bearish Breakout:
1️⃣ $2,880 - $2,882 (Fibo 0.382 at $2,879)
2️⃣ $2,860 - $2,865 (previous support zone)
3️⃣ $2,845 - $2,850 (strong downside extension if momentum continues)
🛑 Stop Loss:
Above $2,900 - $2,902 (previous support-turned-resistance)
Tighter SL: $2,898 if scalping
🔹 Additional Confirmation Before Short Entry
✅ Wait for retest: If price breaks below $2,894, a pullback to $2,894 - $2,896 is a better short entry.
✅ Avoid fakeouts: Ensure volume is above average before entering.
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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.
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.