Short term Gold / Xau Sell
* A bearish wedge/pennant pattern.
* BOS (Break of Structure) noted.
* Price approaching a strong resistance zone (\~\$3,438).
* Two key take-profit zones marked:
* TP1: \~\$3,167
* TP2: \~\$2,839
The blue projection suggests a short (sell) bias from the resistance zone
Direction: SELL
Yes, based on the wedge, Fibonacci zones, and price action, the bias is bearish. Price is tapping into a strong supply/resistance area, so a sell setup makes sense, especially after the BOS and premium price.
Entry Zone (Sell Area):
* Sell Entry Range: \$3,370 - \$3,438
* Around the 0.71 - 0.79 Fibonacci retracement and under the supply zone.
* Ideal area is between \$3,372 to \$3,438 (your marked red zone).
Stop Loss (SL):
* SL above supply zone high: \$3,510 - \$3,520
* Above strong high; gives room in case of liquidity sweep.
Re-entries:
* If price pulls back after TP1:
* Re-entry zone**: **\$3,250 - \$3,280
* Around 0.382 Fib level + structure retest.
Take Profit (TP) Zones:
* TP1: \$3,167 - \$3,120
* Strong support, aligns with your "Weak Low" + confluence with structure.
Risk\:Reward \~1:3
TP2: \$2,839 - \$2,835
* Deep support + Fibonacci extension zone (1:8 RR).
* High reward but only if bearish momentum continues strongly.
Final Notes & Corrections:
* Your TP zones are logically placed.
* Entry zone is strong and aligns with resistance + Fib.
* Consider watching for:
* Bearish engulfing or reversal candlestick patterns in entry zone.
* Confirmation with momentum indicators (e.g., RSI divergence).
* A bearish wedge/pennant pattern.
* BOS (Break of Structure) noted.
* Price approaching a strong resistance zone (\~\$3,438).
* Two key take-profit zones marked:
* TP1: \~\$3,167
* TP2: \~\$2,839
The blue projection suggests a short (sell) bias from the resistance zone
Direction: SELL
Yes, based on the wedge, Fibonacci zones, and price action, the bias is bearish. Price is tapping into a strong supply/resistance area, so a sell setup makes sense, especially after the BOS and premium price.
Entry Zone (Sell Area):
* Sell Entry Range: \$3,370 - \$3,438
* Around the 0.71 - 0.79 Fibonacci retracement and under the supply zone.
* Ideal area is between \$3,372 to \$3,438 (your marked red zone).
Stop Loss (SL):
* SL above supply zone high: \$3,510 - \$3,520
* Above strong high; gives room in case of liquidity sweep.
Re-entries:
* If price pulls back after TP1:
* Re-entry zone**: **\$3,250 - \$3,280
* Around 0.382 Fib level + structure retest.
Take Profit (TP) Zones:
* TP1: \$3,167 - \$3,120
* Strong support, aligns with your "Weak Low" + confluence with structure.
Risk\:Reward \~1:3
TP2: \$2,839 - \$2,835
* Deep support + Fibonacci extension zone (1:8 RR).
* High reward but only if bearish momentum continues strongly.
Final Notes & Corrections:
* Your TP zones are logically placed.
* Entry zone is strong and aligns with resistance + Fib.
* Consider watching for:
* Bearish engulfing or reversal candlestick patterns in entry zone.
* Confirmation with momentum indicators (e.g., RSI divergence).
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.