Technical analysis of the Gold Spot / USD (XAU/USD) on the 15-minute timeframe, and it appears to reflect a bearish outlook. Here's a breakdown of the idea being presented:
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🧭 Analysis Overview:
Trend Direction: Downtrend (bearish channel)
Price Action: Lower highs and lower lows, confined within a downward sloping channel
Indicators:
EMA 50 & EMA 200: Price is trading below both EMAs, confirming bearish pressure.
RSI (14): RSI is below 50, around 40.78, indicating weak bullish momentum or continuation of bearish bias.
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📌 Key Technical Elements:
1. Resistance Zone:
Marked near 3,345.482, price is expected to retest this level but fail to break above.
Rejections at this level align with previous EMA resistance and trendline resistance.
2. Descending Channel:
Price action is contained within clearly defined upper and lower trendlines.
Indicates continuation of the downtrend unless a breakout occurs.
3. Bearish Rejection Pattern:
The chart expects the price to approach the resistance level, get rejected, and continue downward.
4. Target Point:
Clearly marked at 3,302.928, which aligns with the lower boundary of the channel.
This serves as a potential short target for traders.
5. RSI:
RSI previously reached oversold (around 27), suggesting a minor pullback, but now recovering modestly (still below 50).
This indicates there's room for another move down before reaching extreme oversold conditions again.
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🎯 Trading Idea:
Entry: Near resistance zone around 3,345 after bearish confirmation (e.g., rejection candle or bearish engulfing).
Stop-Loss: Just above resistance/EMA levels (around 3,350+).
Target: 3,302.928 (channel support / previous swing low).
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🛑 Risk Management & Notes:
Be cautious of U.S. economic news (calendar icon shown), which can cause sudden volatility.
Confirmation from candlestick patterns or momentum divergence would strengthen the setup.
A break above the resistance zone would invalidate the short idea.
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✅ Summary:
This is a short-biased setup within a well-defined downtrend, targeting continuation to the downside. The analyst expects a pullback to resistance followed by a drop to the lower channel support around 3,302.93.
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---
🧭 Analysis Overview:
Trend Direction: Downtrend (bearish channel)
Price Action: Lower highs and lower lows, confined within a downward sloping channel
Indicators:
EMA 50 & EMA 200: Price is trading below both EMAs, confirming bearish pressure.
RSI (14): RSI is below 50, around 40.78, indicating weak bullish momentum or continuation of bearish bias.
---
📌 Key Technical Elements:
1. Resistance Zone:
Marked near 3,345.482, price is expected to retest this level but fail to break above.
Rejections at this level align with previous EMA resistance and trendline resistance.
2. Descending Channel:
Price action is contained within clearly defined upper and lower trendlines.
Indicates continuation of the downtrend unless a breakout occurs.
3. Bearish Rejection Pattern:
The chart expects the price to approach the resistance level, get rejected, and continue downward.
4. Target Point:
Clearly marked at 3,302.928, which aligns with the lower boundary of the channel.
This serves as a potential short target for traders.
5. RSI:
RSI previously reached oversold (around 27), suggesting a minor pullback, but now recovering modestly (still below 50).
This indicates there's room for another move down before reaching extreme oversold conditions again.
---
🎯 Trading Idea:
Entry: Near resistance zone around 3,345 after bearish confirmation (e.g., rejection candle or bearish engulfing).
Stop-Loss: Just above resistance/EMA levels (around 3,350+).
Target: 3,302.928 (channel support / previous swing low).
---
🛑 Risk Management & Notes:
Be cautious of U.S. economic news (calendar icon shown), which can cause sudden volatility.
Confirmation from candlestick patterns or momentum divergence would strengthen the setup.
A break above the resistance zone would invalidate the short idea.
---
✅ Summary:
This is a short-biased setup within a well-defined downtrend, targeting continuation to the downside. The analyst expects a pullback to resistance followed by a drop to the lower channel support around 3,302.93.
Feedback My idea like and comment's 🙏
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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.
Join My Official Channel Link
t.me/goldprotreader
Join My Public Channel Link
t.me/goldprotreader
t.me/goldprotreader
Join My Public Channel Link
t.me/goldprotreader
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.