Gold (XAU/USD) 30-Minute Chart Analysis – Bearish Breakdown & Sh
This chart represents the Gold Spot (XAU/USD) price action on a 30-minute timeframe.
Key Observations:
Support and Resistance Levels:
The chart has clearly marked resistance around $2,930 and support near $2,885-$2,890.
A breakout attempt above the resistance failed, leading to a strong rejection.
Market Structure:
The price has been in a sideways range before breaking down from the resistance zone.
A lower high and lower low formation indicate a potential bearish trend.
Trade Setup:
Short Position:
Entry: Around $2,898.48 (current price).
Stop-Loss: Around $2,906.35 (marked in red).
Take-Profit: Around $2,884.31 (marked in green).
This setup suggests a risk-reward ratio favoring the downside move.
Volume Analysis:
A spike in selling volume supports the bearish momentum.
The lack of strong bullish volume confirms a weaker buying presence.
Conclusion:
Bearish bias with a potential price target of $2,884.31.
If the price fails to hold below $2,898, a retest of the resistance zone may occur.
Traders should watch for confirmation signals before entering trades.
Key Observations:
Support and Resistance Levels:
The chart has clearly marked resistance around $2,930 and support near $2,885-$2,890.
A breakout attempt above the resistance failed, leading to a strong rejection.
Market Structure:
The price has been in a sideways range before breaking down from the resistance zone.
A lower high and lower low formation indicate a potential bearish trend.
Trade Setup:
Short Position:
Entry: Around $2,898.48 (current price).
Stop-Loss: Around $2,906.35 (marked in red).
Take-Profit: Around $2,884.31 (marked in green).
This setup suggests a risk-reward ratio favoring the downside move.
Volume Analysis:
A spike in selling volume supports the bearish momentum.
The lack of strong bullish volume confirms a weaker buying presence.
Conclusion:
Bearish bias with a potential price target of $2,884.31.
If the price fails to hold below $2,898, a retest of the resistance zone may occur.
Traders should watch for confirmation signals before entering trades.
Trade active
Resistance Zone: Around $2,930, price rejected multiple times.Support Zone: Near $2,885-$2,890, acting as a key level.
Bearish Structure: Lower highs and lower lows indicate a downtrend.
Trade Setup: Short entry at $2,898.48, stop-loss at $2,906.35, target at $2,884.31.
Volume Confirmation: Increased selling pressure supports the downside move.
Watch for Retest: If price reclaims $2,900, a reversal may be possible.
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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.
Related publications
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.