(XAU/USD) - Bearish Continuation Setup | Key Levels & Targets
Gold (XAU/USD) - Bearish Continuation Setup | Key Levels & Targets
Market Overview:
Gold has been trading within a well-defined descending channel on the 3-hour timeframe, indicating sustained bearish pressure. The price action suggests a potential breakdown if key resistance levels hold.
Trade Setup:
📌 Entry Zone: Near 2918 (current market price)
📌 Take Profit: 2930 (first target for short-term scalpers)
📌 Final Target: 2979 (major support zone)
📌 Stop Loss: 2890 (above resistance to limit risk)
Technical Outlook:
The price is rejecting the upper boundary of the channel.
A break below 2918 could accelerate selling pressure toward 2979.
If Gold breaks above the descending trendline, bullish momentum may take over.
Conclusion:
This setup offers a high-probability short opportunity with a well-defined risk-reward ratio. Traders should monitor price action for confirmation before entering.
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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.