Position: Short
Technical Analysis:
1. Daily Chart:
• Price is at a strong resistance level near 2820-2830.
• RSI is at 71.56, indicating overbought conditions.
• MACD is bullish but shows slowing momentum, signaling a potential pullback.
2. 15-Minute Chart:
• Sharp move up towards 2820, followed by a wick rejection.
• MACD histogram is peaking, signaling possible reversal.
• RSI is at 63.36, showing short-term overextension.
3. 3-Minute Chart:
• Strong rejection from 2824, followed by lower highs.
• MACD is showing weakening bullish momentum.
• RSI is dropping from overbought levels.
Fundamental Analysis:
• FOMC & NFP impact: Recent strength in gold is due to USD weakness, but upcoming data could trigger a pullback.
• Interest rate expectations: If the Fed remains hawkish, XAUUSD could see a correction.
• Profit-taking at highs: With gold near record levels, institutions may start selling.
Trade Setup:
• Entry: 2818 - 2822
• Stop Loss (SL): 2832
• Take Profit (TP): 2796
• Risk-Reward Ratio: 2:1
Reasoning for This Trade:
• Strong resistance at 2820-2830
• Overbought RSI on daily & intraday charts
• Weakening momentum signals a possible pullback
• Risk-reward ratio aligns with a profitable trade
Technical Analysis:
1. Daily Chart:
• Price is at a strong resistance level near 2820-2830.
• RSI is at 71.56, indicating overbought conditions.
• MACD is bullish but shows slowing momentum, signaling a potential pullback.
2. 15-Minute Chart:
• Sharp move up towards 2820, followed by a wick rejection.
• MACD histogram is peaking, signaling possible reversal.
• RSI is at 63.36, showing short-term overextension.
3. 3-Minute Chart:
• Strong rejection from 2824, followed by lower highs.
• MACD is showing weakening bullish momentum.
• RSI is dropping from overbought levels.
Fundamental Analysis:
• FOMC & NFP impact: Recent strength in gold is due to USD weakness, but upcoming data could trigger a pullback.
• Interest rate expectations: If the Fed remains hawkish, XAUUSD could see a correction.
• Profit-taking at highs: With gold near record levels, institutions may start selling.
Trade Setup:
• Entry: 2818 - 2822
• Stop Loss (SL): 2832
• Take Profit (TP): 2796
• Risk-Reward Ratio: 2:1
Reasoning for This Trade:
• Strong resistance at 2820-2830
• Overbought RSI on daily & intraday charts
• Weakening momentum signals a possible pullback
• Risk-reward ratio aligns with a profitable trade
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.