Gold (XAU/USD) Bearish Setup – Potential Drop to $2,991This is a trading setup for Gold (XAU/USD) on the 30-minute timeframe, showing a potential bearish move.
Analysis:
Key Indicators:
200 EMA (blue line) at 3,019.55: Acting as a resistance level.
30 EMA (red line) at 3,017.45: Providing short-term trend guidance.
Price Action & Structure:
The price previously rejected from a resistance zone (purple area) and started forming lower highs.
Repeated bearish patterns suggest another potential drop.
The chart highlights measured moves of previous declines (-30.62, -24.75), indicating a possible repeat of the pattern.
Trade Setup:
Bearish Outlook: Price is expected to drop towards the target point at 2,991.43.
Entry: Near the break of the lower trendline in the ascending wedge.
Target: 2,991.43 (marked as "TARGET POINT").
Risk Management: Ensure proper stop-loss placement above recent highs.
Conclusion:
If price respects the pattern, a downward move is likely.
A confirmed break below support could accelerate the drop.
