GOLD is Bearish for a whilehello guys.
Key Points:
- Entry Level for Selling: The suggested entry point for a short position is around $2,395, as indicated on the chart.
- Downtrend Channel: The price movement suggests a descending channel, and the recent price action supports this pattern.
- Support Level: There's a crucial support level at approximately $2,340, where the price might find some buying interest.
- Trendline: A longer-term trendline can be seen providing resistance, which the price has respected recently.
Trading Strategy:
- Short Position: Enter a short position around $2,395.
- Target: Aim for a target of around $2,340, where the next support level is situated.
- Stop-Loss: Place a stop-loss slightly above the recent high, around $2,420, to manage risk effectively.
Summary:
The chart suggests a bearish trend for Gold (XAUUSD) with a potential short-selling opportunity. Traders can look to enter short positions around $2,395, targeting the support level at $2,340, while maintaining a stop-loss at $2,420 to mitigate risk.
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