XAUUSD SELLING @ Trendline breakdown & retracement done already.
XAUUSD Price Forecast:
The XAUUSD (Gold) market has entered a selling zone, supported by several technical signals indicating a bearish trend.
Technical Outlook:
1. Trendline Breakdown:
- The ascending trendline has been broken, signaling a shift from an uptrend to a potential downtrend.
2. Retracement:
- A retracement has already occurred on the trendline, which typically serves as a confirmation of the trendline breakdown.
3. Volume Analysis:
- An increase in selling volume indicates that bearish sentiment is strong, with more traders showing interest in selling gold.
4. Moving Averages:
- A golden crossover between the 200 EMA and the 50 EMA is anticipated, which will further confirm the bearish trend. This crossover implies that short-term momentum (50 EMA) is overtaking long-term momentum (200 EMA) in a downward direction.
Trade Setup:
1. Entry Levels:
- Recommended entry levels for short positions are between 2405 and 2410.
2. Target Levels:
- The target for this trade is set at 2355.
Risk Management:
- Stop Loss: Place a stop loss above recent resistance levels or slightly above the broken trendline to manage risk effectively.
- Position Sizing: Ensure proper position sizing based on individual risk tolerance.
Example of Trading Plan:
- Sell Order: Place sell orders within the 2405-2410 range.
- Stop Loss: Set a stop loss around 2420-2425 to protect against unexpected market movements.
- Take Profit: Aim for the 2355 target level.
KEEP FOLLOW & SUPPORT ME..
The XAUUSD (Gold) market has entered a selling zone, supported by several technical signals indicating a bearish trend.
Technical Outlook:
1. Trendline Breakdown:
- The ascending trendline has been broken, signaling a shift from an uptrend to a potential downtrend.
2. Retracement:
- A retracement has already occurred on the trendline, which typically serves as a confirmation of the trendline breakdown.
3. Volume Analysis:
- An increase in selling volume indicates that bearish sentiment is strong, with more traders showing interest in selling gold.
4. Moving Averages:
- A golden crossover between the 200 EMA and the 50 EMA is anticipated, which will further confirm the bearish trend. This crossover implies that short-term momentum (50 EMA) is overtaking long-term momentum (200 EMA) in a downward direction.
Trade Setup:
1. Entry Levels:
- Recommended entry levels for short positions are between 2405 and 2410.
2. Target Levels:
- The target for this trade is set at 2355.
Risk Management:
- Stop Loss: Place a stop loss above recent resistance levels or slightly above the broken trendline to manage risk effectively.
- Position Sizing: Ensure proper position sizing based on individual risk tolerance.
Example of Trading Plan:
- Sell Order: Place sell orders within the 2405-2410 range.
- Stop Loss: Set a stop loss around 2420-2425 to protect against unexpected market movements.
- Take Profit: Aim for the 2355 target level.
KEEP FOLLOW & SUPPORT ME..
Trade active
Recent Market Action:Entry Level Touched: Gold (XAUUSD) reached the entry level at 2405.
Price Movement: Subsequently, the price fell to 2384.
Profit Zone: This movement allowed traders to enjoy profits from the anticipated sell-off.
Technical Analysis Recap:
Trendline Breakdown:
The breakdown of the ascending trendline was a key signal for the bearish trend.
Volume Analysis:
Increased selling volume supported the bearish outlook.
Golden Crossover:
The anticipated golden crossover of the 200 EMA and 50 EMA is reinforcing the bearish sentiment.
Trade Outcome:
Entry: 2405-2410
Exit: 2384 (current price level)
Conclusion:
The trade was successful, reaching the profit zone quickly after entry.
It's time to enjoy the profits and reassess the market for future opportunities.
t.me/FOREXexpertAdvisorEA
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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.
t.me/FOREXexpertAdvisorEA
🌐Join Our VIP Telegram Trading Community! 📊
🔹High-accuracy trading signals for XAUUSD, Forex, & Crypto.
🎯Join now and take your trading to the next level!
t.me/FOREXexpertAdvisorEA
🌐Join Our VIP Telegram Trading Community! 📊
🔹High-accuracy trading signals for XAUUSD, Forex, & Crypto.
🎯Join now and take your trading to the next level!
t.me/FOREXexpertAdvisorEA
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.