1. Overall Context & Trend
Larger-frame bias is still bearish, as the 50-period EMA (red, ~3279) is below the 200-period EMA (blue, ~3299) and price has been making lower highs & lower lows into May 29.
The recent sharp drop carved out a demand zone between 3 249 – 3 258 (highlighted in light red), where buyers stepped back in.
2. The Play (Long Setup on a Pullback)
Initial Bounce
Price found support in that 3 249–3 258 zone and rallied up near the 50 EMA.
Retest is Key
We’re looking for a retest of that demand zone (or a brief dip below it) to get a better entry with tight risk.
Confirmation
A bullish rejection candle off the zone, or a break back above the 50 EMA, would be our trigger.
Target Zone
The supply/resistance area sits around 3 300 – 3 330, just above the 200 EMA.
The chart marks “confirm target point” around 3 326 — a logical place to take profit into that prior congestion zone.
3. Risk/Reward & Stops
Stop: Just below 3 249 (under the demand zone)
Entry: On bullish price action back above ~3 258 or on the rejection off that level
Target: 3 326
R:R will be roughly 1:3 (≈75 points upside vs. ≈25 points downside)
What to Watch
If price can’t hold above 3 258 on the retest and closes a 15 min candle below it, that suggests further bearish follow-through—avoid longs.
A clean break back above the 200 EMA (3 299) would shift the bias to neutral/bullish and could open a secondary target up near 3 350
Larger-frame bias is still bearish, as the 50-period EMA (red, ~3279) is below the 200-period EMA (blue, ~3299) and price has been making lower highs & lower lows into May 29.
The recent sharp drop carved out a demand zone between 3 249 – 3 258 (highlighted in light red), where buyers stepped back in.
2. The Play (Long Setup on a Pullback)
Initial Bounce
Price found support in that 3 249–3 258 zone and rallied up near the 50 EMA.
Retest is Key
We’re looking for a retest of that demand zone (or a brief dip below it) to get a better entry with tight risk.
Confirmation
A bullish rejection candle off the zone, or a break back above the 50 EMA, would be our trigger.
Target Zone
The supply/resistance area sits around 3 300 – 3 330, just above the 200 EMA.
The chart marks “confirm target point” around 3 326 — a logical place to take profit into that prior congestion zone.
3. Risk/Reward & Stops
Stop: Just below 3 249 (under the demand zone)
Entry: On bullish price action back above ~3 258 or on the rejection off that level
Target: 3 326
R:R will be roughly 1:3 (≈75 points upside vs. ≈25 points downside)
What to Watch
If price can’t hold above 3 258 on the retest and closes a 15 min candle below it, that suggests further bearish follow-through—avoid longs.
A clean break back above the 200 EMA (3 299) would shift the bias to neutral/bullish and could open a secondary target up near 3 350
Trade closed: target reached
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.
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.