This chart represents a short trade setup for Gold (XAU/USD) on the 1-hour timeframe. Here’s a professional breakdown of the analysis:
Trade Idea: Short Position
Entry: Around 2,906-2,909 USD
Stop Loss: 2,928 USD (Red zone)
Take Profit: 2,869 USD (Blue zone)
Technical Analysis: The price appears to be rejecting resistance near 2,909 USD and could break below the support zone marked in brown, leading to further downside momentum.
Risk-Reward Ratio: Favorable, as the potential downside outweighs the stop-loss risk.
Trade Idea: Short Position
Entry: Around 2,906-2,909 USD
Stop Loss: 2,928 USD (Red zone)
Take Profit: 2,869 USD (Blue zone)
Technical Analysis: The price appears to be rejecting resistance near 2,909 USD and could break below the support zone marked in brown, leading to further downside momentum.
Risk-Reward Ratio: Favorable, as the potential downside outweighs the stop-loss risk.
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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.