Gold’s Bearish Potential +280 PIP potential
Updated
Short XAUUSD Trading Position on 30 min timeframe
Initial Take Profit: 2303.45
SL: 2340.50
Gold shows a possibility of a bearish movement after breaking an ascending trendline. The price has fluctuated just underneath a 4-hour structure break. It is expected to continue below the shown trendline and reach the previous day’s bottom again. The trend lines drawn on the chart initially suggested support levels, but the most recent movement has broken these trend lines, turning them into current resistance lines. Additionally, the most recent higher high indicates a significant pullback downward, signalling potential further downside and a potential break of the existing structure.
Traders should exercise caution and closely monitor key levels of support and resistance. Additionally, they should be alert for any further bearish signals that may confirm this potential move.
I would be grateful to get your feedback on this idea if you have any opinions to share.
✽↝✔
Esteem your Analysis and seek improvements ⌁
AbdullahTech ♾
Initial Take Profit: 2303.45
SL: 2340.50
Gold shows a possibility of a bearish movement after breaking an ascending trendline. The price has fluctuated just underneath a 4-hour structure break. It is expected to continue below the shown trendline and reach the previous day’s bottom again. The trend lines drawn on the chart initially suggested support levels, but the most recent movement has broken these trend lines, turning them into current resistance lines. Additionally, the most recent higher high indicates a significant pullback downward, signalling potential further downside and a potential break of the existing structure.
Traders should exercise caution and closely monitor key levels of support and resistance. Additionally, they should be alert for any further bearish signals that may confirm this potential move.
I would be grateful to get your feedback on this idea if you have any opinions to share.
✽↝✔
Esteem your Analysis and seek improvements ⌁
AbdullahTech ♾
Note
🔐 Secure tradeOrder cancelled
Forgot to update. It has closed at break-even
AbdullahTech
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