Gold Analysis: Short Fibonacci Resistance
In this 1-hour Gold chart (XAU/USD), we observe the price retesting a significant area around the 2687 level after a recent downtrend. Fibonacci retracement levels are applied to gauge potential retracement zones.
- Entry Position: A potential short entry can be taken near the 2687 level, where price is facing resistance.
- Take-Profit Target: The first profit target could be set around 2664, where the next support lies, aligning with a favorable risk-to-reward ratio.
- Stop-Loss: Consider placing the stop-loss above the 0.5 Fibonacci level at 2699 to minimize risk if the price breaks higher.
Trade closed: target reached
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.