Gold Analysis (XAU/USD)
Gold is currently approaching a strong resistance zone, as highlighted in the chart. The price is testing this zone after a bullish impulse, but signs of weakening momentum are emerging. The MACD indicator shows a potential divergence, suggesting the bullish strength may not sustain.
Based on the structure, I'm anticipating a possible rejection from this resistance zone, followed by a corrective move to the downside. The marked blue arrow reflects my projected path for Gold, with the next key target being the support zone around $2,620.
Key factors for this setup:
Resistance Zone: $2,645-$2,650, where previous selling pressure was observed.
Confirmation: Awaiting a bearish candlestick pattern near the resistance zone for additional confirmation.
MACD: Looking for a bearish crossover to reinforce the downside expectation.
Plan:
If rejection occurs, I'll be watching for a retracement into the support zone, with a risk-to-reward ratio in alignment with the current market conditions. Stops will be placed conservatively above the resistance zone.
Let me know your thoughts on this setup! 🚀💬
Based on the structure, I'm anticipating a possible rejection from this resistance zone, followed by a corrective move to the downside. The marked blue arrow reflects my projected path for Gold, with the next key target being the support zone around $2,620.
Key factors for this setup:
Resistance Zone: $2,645-$2,650, where previous selling pressure was observed.
Confirmation: Awaiting a bearish candlestick pattern near the resistance zone for additional confirmation.
MACD: Looking for a bearish crossover to reinforce the downside expectation.
Plan:
If rejection occurs, I'll be watching for a retracement into the support zone, with a risk-to-reward ratio in alignment with the current market conditions. Stops will be placed conservatively above the resistance zone.
Let me know your thoughts on this setup! 🚀💬
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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.
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.