Trade Idea for XAUUSD
Bias: Short Position
Technical Analysis:
1. Daily Chart:
• XAUUSD is in an extended uptrend and nearing overbought conditions with RSI at 74.98, signaling a possible pullback.
• MACD is still bullish but reaching a peak.
• A rejection near 2865-2875 suggests a strong resistance zone.
2. 15-Min Chart:
• Recent momentum is slowing down.
• RSI is at 47.65, indicating a neutral zone, with possible room for a move downward.
• MACD is weakly bullish but not showing strong continuation.
3. 3-Min Chart:
• Clear lower highs forming.
• RSI is at 40.51, approaching bearish territory.
• MACD is negative, showing short-term selling pressure.
Fundamental Analysis:
• Gold has rallied significantly, but a correction is likely as traders take profits.
• US Dollar Strength: If any upcoming economic data favors USD, gold may decline.
• Interest Rate Expectations: No immediate dovish signals, keeping gold under pressure at highs.
Trade Setup (Short XAUUSD)
• Entry: 2865
• Stop Loss (SL): 2875 (10 pips above key resistance)
• Take Profit (TP): 2845 (2:1 RRR)
Rationale:
• Selling into resistance at 2865 where price action shows exhaustion.
• Stop placed above the last major swing high.
• Targeting a retracement to 2845, a logical support level based on price action and short-term trends.
Bias: Short Position
Technical Analysis:
1. Daily Chart:
• XAUUSD is in an extended uptrend and nearing overbought conditions with RSI at 74.98, signaling a possible pullback.
• MACD is still bullish but reaching a peak.
• A rejection near 2865-2875 suggests a strong resistance zone.
2. 15-Min Chart:
• Recent momentum is slowing down.
• RSI is at 47.65, indicating a neutral zone, with possible room for a move downward.
• MACD is weakly bullish but not showing strong continuation.
3. 3-Min Chart:
• Clear lower highs forming.
• RSI is at 40.51, approaching bearish territory.
• MACD is negative, showing short-term selling pressure.
Fundamental Analysis:
• Gold has rallied significantly, but a correction is likely as traders take profits.
• US Dollar Strength: If any upcoming economic data favors USD, gold may decline.
• Interest Rate Expectations: No immediate dovish signals, keeping gold under pressure at highs.
Trade Setup (Short XAUUSD)
• Entry: 2865
• Stop Loss (SL): 2875 (10 pips above key resistance)
• Take Profit (TP): 2845 (2:1 RRR)
Rationale:
• Selling into resistance at 2865 where price action shows exhaustion.
• Stop placed above the last major swing high.
• Targeting a retracement to 2845, a logical support level based on price action and short-term trends.
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.