Overview:
Gold (XAUUSD) is showing signs of a potential rejection from resistance, setting up for a short trade opportunity. The price has rallied into a key supply zone but is struggling to break higher, suggesting a possible reversal.
Technical Analysis:
Resistance Zone: Price is approaching a major resistance area around $3,030-$3,040, where sellers are stepping in.
Bearish Divergence: RSI shows a bearish divergence, indicating weakening momentum.
50 EMA Rejection: Price is trading below the 50 EMA, confirming bearish bias.
Risk/Reward Setup: The short position offers a 3.82 risk-to-reward ratio, with stops above resistance and a target at $2,999-$3,000.
Trade Plan:
🔹 Entry: Near $3,028-$3,030 on confirmation of rejection.
🔹 Stop Loss: Above $3,038 to protect against a breakout.
🔹 Take Profit: Targeting $2,999-$3,000 for a clean 1% move.
💬 What’s your bias on Gold? Will it drop or break higher? Let me know in the comments! 🔥
#RSTRADING #XAUUSD #Gold #TechnicalAnalysis #Forex #DayTrading
Gold (XAUUSD) is showing signs of a potential rejection from resistance, setting up for a short trade opportunity. The price has rallied into a key supply zone but is struggling to break higher, suggesting a possible reversal.
Technical Analysis:
Resistance Zone: Price is approaching a major resistance area around $3,030-$3,040, where sellers are stepping in.
Bearish Divergence: RSI shows a bearish divergence, indicating weakening momentum.
50 EMA Rejection: Price is trading below the 50 EMA, confirming bearish bias.
Risk/Reward Setup: The short position offers a 3.82 risk-to-reward ratio, with stops above resistance and a target at $2,999-$3,000.
Trade Plan:
🔹 Entry: Near $3,028-$3,030 on confirmation of rejection.
🔹 Stop Loss: Above $3,038 to protect against a breakout.
🔹 Take Profit: Targeting $2,999-$3,000 for a clean 1% move.
💬 What’s your bias on Gold? Will it drop or break higher? Let me know in the comments! 🔥
#RSTRADING #XAUUSD #Gold #TechnicalAnalysis #Forex #DayTrading
Note
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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.
7+ years of trading experience 📚
Canadian Based 🇨🇦
Learn a structured approach to consistent trading results 🧠💡
Follow me on Insta!
Canadian Based 🇨🇦
Learn a structured approach to consistent trading results 🧠💡
Follow me on Insta!
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.