Technical analysis of Gold Spot Bearish Momentum Hello traders here's my XAU/USD New idea, what you think on it? share your thoughts on it in comment section
Technical analysis of Gold Spot (XAU/USD) on a 4-hour timeframe, with the following key elements:
1. Resistance Level: A strong resistance zone is price of 2,780.000, a potential barrier where the price may struggle to rise further.
2. Current Price: The current trading price is 2,742.770, positioned between the resistance and support levels.
3. Support Level: The support zone is at 2,734.000, / 2726 suggesting a potential area where the price might find buying interest and avoid falling further.
4. Bearish Expectation: a potential bearish move, where the price is expected to break below the support level and reach the target level at 2,700. This move is reflecting the anticipated downward trend.
5. Stop-Loss and Entry Zone: A stop-loss level is highlighted near the resistance at 2,760. suggesting a risk management strategy for traders in case the price reverses upward. The entry zone appears near the support level, aligning with the bearish outlook.
Overall a sell Area with a target of 2,700, assuming a breakdown below the support level. Traders are advised to monitor price action and key levels closely before entering trades.
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