Next week's bearish play This past week, gold faced strong bearish pressure, closing with a weekly bearish engulfing candle. The daily timeframe reinforced this sentiment with two consecutive bearish engulfing candles, breaking a major structure at 2880.
However, Friday provided an opportunity, as we caught the falling knife, entering a long position at 2833, the week's lowest point.
Key Levels & Outlook for Next Week
Upside Target: We are holding our buy position to 2880, expecting a retracement to this key level.
Bearish Continuation: If 2880 holds as resistance, we will look for rejection signals to sell back down towards the next major support at 2770.
Confluences Supporting a Sell from 2880
✅ Fibonacci 0.618 retracement level
✅ Broken support turned resistance
✅ 4H trendline resistance
✅ Overall bearish market structure
Plan: A retracement into 2880 followed by rejection will confirm bearish continuation. If price holds under 2880, shorts towards 2770 will be the play for next week.
XAUUSD
Long / Sell Limit
Entry: 2880
TP: 2770
SL: 2898
Note: past profit do not predict future profits
Risk 0.5-1%
TP1 2875
TP2 2870
TP3 2865
TP4 2860
