This is a 4-hour chart of XAU/USD (Gold vs. US Dollar) from TradingView, showing a bearish trade setup with key support and resistance zones highlighted.
Key Elements in the Chart:
1. Yellow Boxes (Zones):
The upper yellow box (~3345–3360 range) marks a resistance zone, which price recently retested and was rejected from.
The lower yellow box (~3300–3310 range) marks a support/target zone, where price is expected to move next.
2. Price Action:
The price has been in a downtrend, forming lower highs and lower lows.
A pullback occurred toward the resistance zone, followed by a continuation of the downtrend.
The current candle shows a rejection from resistance and continuation to the downside.
3. Trade Setup:
The chart depicts a short (sell) trade setup:
Entry: Near the resistance zone (~3345).
Target: Marked in the lower support zone (~3300).
Stop-loss: Slightly above resistance (~3360 area).
4. Risk-Reward Ratio (RRR):
The red-to-green box illustrates risk (stop loss) vs. reward (target).
The RRR seems favorable (risk is smaller than the potential reward).
Conclusion:
This chart suggests a short position in XAU/USD based on a resistance rejection and expectation of price moving toward the next support/target zone around 3300, continuing the prevailing downtrend.
Key Elements in the Chart:
1. Yellow Boxes (Zones):
The upper yellow box (~3345–3360 range) marks a resistance zone, which price recently retested and was rejected from.
The lower yellow box (~3300–3310 range) marks a support/target zone, where price is expected to move next.
2. Price Action:
The price has been in a downtrend, forming lower highs and lower lows.
A pullback occurred toward the resistance zone, followed by a continuation of the downtrend.
The current candle shows a rejection from resistance and continuation to the downside.
3. Trade Setup:
The chart depicts a short (sell) trade setup:
Entry: Near the resistance zone (~3345).
Target: Marked in the lower support zone (~3300).
Stop-loss: Slightly above resistance (~3360 area).
4. Risk-Reward Ratio (RRR):
The red-to-green box illustrates risk (stop loss) vs. reward (target).
The RRR seems favorable (risk is smaller than the potential reward).
Conclusion:
This chart suggests a short position in XAU/USD based on a resistance rejection and expectation of price moving toward the next support/target zone around 3300, continuing the prevailing downtrend.
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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/goldsignalsclub3
Join my telegram for free signals link in below
t.me/goldsignalsclub3
Join my telegram for free signals link in below
t.me/goldsignalsclub3
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.