Gold is showing **signs of weakness** near the **$2,903 - $2,863** resistance zone, which aligns with the Fibonacci retracement and previous price action. This setup favors a short position, aiming for a deeper retracement.
### 🔹 **Trade Setup:**
- **📍 Entry:** Around **$2,903 - $2,863**, key resistance levels.
- **🛑 Stop Loss:** Above **$2,942**, to avoid false breakouts.
- **🎯 Take Profit Targets:**
- **First TP:** **$2,843** (early support zone)
- **Second TP:** **$2,824** (-0.5 Fibonacci level)
- **Extended TP:** **$2,785** (-1 Fibonacci level for a deeper correction)
### 📊 **Trade Rationale:**
✅ **Key Resistance Zone:** Price is struggling around $2,903 - $2,863, suggesting a potential reversal.
✅ **Fibonacci & Market Structure:** The setup aligns with key retracement levels and past support zones.
✅ **Bearish Confirmation Needed:** Watching for rejection wicks or lower timeframe breakdowns before full commitment.
### ⚠️ **Risk Management:**
- If price **breaks above $2,942** with strong momentum, I will **exit** the trade.
- Monitoring **volume and candlestick patterns** for additional bearish confirmation.
Let’s see how this setup unfolds! 🚀📉
Would you adjust any levels, or does this match your plan? 🤔
### 🔹 **Trade Setup:**
- **📍 Entry:** Around **$2,903 - $2,863**, key resistance levels.
- **🛑 Stop Loss:** Above **$2,942**, to avoid false breakouts.
- **🎯 Take Profit Targets:**
- **First TP:** **$2,843** (early support zone)
- **Second TP:** **$2,824** (-0.5 Fibonacci level)
- **Extended TP:** **$2,785** (-1 Fibonacci level for a deeper correction)
### 📊 **Trade Rationale:**
✅ **Key Resistance Zone:** Price is struggling around $2,903 - $2,863, suggesting a potential reversal.
✅ **Fibonacci & Market Structure:** The setup aligns with key retracement levels and past support zones.
✅ **Bearish Confirmation Needed:** Watching for rejection wicks or lower timeframe breakdowns before full commitment.
### ⚠️ **Risk Management:**
- If price **breaks above $2,942** with strong momentum, I will **exit** the trade.
- Monitoring **volume and candlestick patterns** for additional bearish confirmation.
Let’s see how this setup unfolds! 🚀📉
Would you adjust any levels, or does this match your plan? 🤔
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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.