This chart represents Gold Spot (XAU/USD) against the U.S. Dollar on the 15-minute timeframe, published on OANDA.
Key Observations & Analysis:
Double Top Formation:
The red circles highlight two previous highs, indicating strong resistance around 2,919.684.
This suggests a potential reversal to the downside if the price fails to break above.
Bearish Trade Setup:
The price is currently near the resistance zone and has started to decline.
The chart suggests a short trade with:
Entry near the resistance zone (around 2,913 - 2,915).
Stop-loss (SL) placed above 2,919.684 to protect against an invalidated setup.
Take Profit (TP) Levels:
First TP: Around 2,907 (minor support).
Second TP: Around 2,902 (stronger support).
Final Target (tech this point): Around 2,901.098 (key support level).
Bearish Confirmation:
The red trendlines indicate a potential lower high formation, supporting the downtrend.
If the price fails to break resistance and follows the projected path, the bearish move is likely.
Conclusion:
Bias: Bearish (Sell Setup).
Entry: Near 2,913 - 2,915.
Take Profit Targets: 2,907, 2,902, and 2,901.
Invalidation: A breakout above 2,919.684 cancels the bearish setup.
Key Observations & Analysis:
Double Top Formation:
The red circles highlight two previous highs, indicating strong resistance around 2,919.684.
This suggests a potential reversal to the downside if the price fails to break above.
Bearish Trade Setup:
The price is currently near the resistance zone and has started to decline.
The chart suggests a short trade with:
Entry near the resistance zone (around 2,913 - 2,915).
Stop-loss (SL) placed above 2,919.684 to protect against an invalidated setup.
Take Profit (TP) Levels:
First TP: Around 2,907 (minor support).
Second TP: Around 2,902 (stronger support).
Final Target (tech this point): Around 2,901.098 (key support level).
Bearish Confirmation:
The red trendlines indicate a potential lower high formation, supporting the downtrend.
If the price fails to break resistance and follows the projected path, the bearish move is likely.
Conclusion:
Bias: Bearish (Sell Setup).
Entry: Near 2,913 - 2,915.
Take Profit Targets: 2,907, 2,902, and 2,901.
Invalidation: A breakout above 2,919.684 cancels the bearish setup.
Trade active
Resistance Level: 2,919.684 (Strong rejection zone)Entry Zone: Around 2,915
Trade closed: stop reached
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Join My telegram channel Free:
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VIP Channels:
Forex:+400Pips & Crypto +420% monthly profit at VIP.
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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.