Trading Idea for XAU/USD (Gold) – buy Opportunity
Instrument: XAU/USD
Trade Type: Short (Sell)
Technical Analysis
Trend: XAU/USD shows signs of bearish pressure near a key resistance level of $1,975–$1,980, with the price forming a potential double-top pattern.
Resistance Level: The $1,975 zone has acted as strong resistance multiple times, signaling a possible reversal.
Indicators:
RSI near 70 suggests overbought conditions, increasing the likelihood of a correction.
Price struggling to stay above the 50 EMA, signaling potential downside momentum.
Breakdown Signal: A decisive break below $1,960 could confirm further downside movement.
Instrument: XAU/USD
Trade Type: Short (Sell)
Technical Analysis
Trend: XAU/USD shows signs of bearish pressure near a key resistance level of $1,975–$1,980, with the price forming a potential double-top pattern.
Resistance Level: The $1,975 zone has acted as strong resistance multiple times, signaling a possible reversal.
Indicators:
RSI near 70 suggests overbought conditions, increasing the likelihood of a correction.
Price struggling to stay above the 50 EMA, signaling potential downside momentum.
Breakdown Signal: A decisive break below $1,960 could confirm further downside movement.
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.
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.