Gold (XAUUSD)Short
Based on the chart, here’s a potential trade setup for **gold
Based on the chart, here’s a potential trade setup for **gold (XAU/USD)**:
**Key Levels:**
- **Resistance Zone:** Around 2,640-2,645 (gray area in the chart).
- **First Support Level:** 2,620.
- **Second Support Level:** 2,610.
- **Deeper Target:** Below 2,610, likely toward 2,600.
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**Trade Setup (Sell):**
1. **Entry:**
- Wait for a bearish rejection near the 2,640-2,645 resistance zone. Look for signs like a bearish engulfing candle or wicks rejecting the resistance.
2. **Stop Loss:**
- Place your stop loss slightly above the resistance zone at around 2,650 to protect against false breakouts.
3. **Take Profit Targets:**
- **1st Target:** 2,620 (Support zone).
- **2nd Target:** 2,610 (Deeper support).
- **3rd Target (Optional):** 2,600 if the price breaks below 2,610 with strong momentum.
---
Alternate Scenario (If Resistance Breaks):**
- If gold breaks and closes above 2,645 on the 1-hour chart, this would invalidate the sell setup.
- Look for a potential **buy opportunity** on a pullback to 2,640 with a target of 2,660.
---
**Tips for Execution:**
- **Confirmation:** Wait for confirmation (candlestick patterns or momentum indicators like RSI divergence) before entering.
- **Risk Management:** Use a risk-reward ratio of at least 1:2 or 1:3 to ensure profitability.
- **Monitor News:** Be aware of economic news that could impact gold (e.g., USD strength or weakness).
GOLD
**Key Levels:**
- **Resistance Zone:** Around 2,640-2,645 (gray area in the chart).
- **First Support Level:** 2,620.
- **Second Support Level:** 2,610.
- **Deeper Target:** Below 2,610, likely toward 2,600.
---
**Trade Setup (Sell):**
1. **Entry:**
- Wait for a bearish rejection near the 2,640-2,645 resistance zone. Look for signs like a bearish engulfing candle or wicks rejecting the resistance.
2. **Stop Loss:**
- Place your stop loss slightly above the resistance zone at around 2,650 to protect against false breakouts.
3. **Take Profit Targets:**
- **1st Target:** 2,620 (Support zone).
- **2nd Target:** 2,610 (Deeper support).
- **3rd Target (Optional):** 2,600 if the price breaks below 2,610 with strong momentum.
---
Alternate Scenario (If Resistance Breaks):**
- If gold breaks and closes above 2,645 on the 1-hour chart, this would invalidate the sell setup.
- Look for a potential **buy opportunity** on a pullback to 2,640 with a target of 2,660.
---
**Tips for Execution:**
- **Confirmation:** Wait for confirmation (candlestick patterns or momentum indicators like RSI divergence) before entering.
- **Risk Management:** Use a risk-reward ratio of at least 1:2 or 1:3 to ensure profitability.
- **Monitor News:** Be aware of economic news that could impact gold (e.g., USD strength or weakness).
GOLD 
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