📉 Price Action Analysis:
Gold is currently testing a local resistance zone (marked in red).
A rejection from this zone signals potential bearish momentum.
Local support (marked in gray) aligns with the ascending trendline, making it a key level to watch.
📍 Trade Plan:
1️⃣ Short Entry: After price reaches the resistance and forms a rejection pattern.
2️⃣ Target 1: Local support (trendline zone).
3️⃣ Target 2: If support breaks, next bearish target is $2,868 - $2,840.
4️⃣ Invalidation: If price breaks above $2,909, bullish continuation is likely.
⚡ Final Thought: If rejection occurs at resistance, expect a bearish move. If price breaks above, the setup is invalid. Stay alert for confirmation! 🚀
Gold is currently testing a local resistance zone (marked in red).
A rejection from this zone signals potential bearish momentum.
Local support (marked in gray) aligns with the ascending trendline, making it a key level to watch.
📍 Trade Plan:
1️⃣ Short Entry: After price reaches the resistance and forms a rejection pattern.
2️⃣ Target 1: Local support (trendline zone).
3️⃣ Target 2: If support breaks, next bearish target is $2,868 - $2,840.
4️⃣ Invalidation: If price breaks above $2,909, bullish continuation is likely.
⚡ Final Thought: If rejection occurs at resistance, expect a bearish move. If price breaks above, the setup is invalid. Stay alert for confirmation! 🚀
Trade active
Note
tp 2903,2896,2888,2884,2876open
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.