Identified Pattern – Rising Wedge (Bearish)🔥 Real-Time Market Evaluation & Pattern Recognition
📌 Key Observations from the Chart:
1️⃣ Identified Pattern – Rising Wedge (Bearish)
✔ Price has been forming higher lows and higher highs within converging trendlines.
✔ Recent price action shows breakdown pressure near the lower wedge support.
✔ If price closes below $2,910, the wedge breakdown is confirmed → Bearish continuation.
2️⃣ How Many Rejections Today?
🔹 Total Rejections Noted: 4 Major Rejections
2 strong rejections at $2,926 - $2,928 resistance (upper boundary).
2 rejections from trendline support near $2,910 - $2,915.
🔹 What This Means:
Repeated failures at resistance indicate strong sell pressure.
Support at $2,910 is being tested again – possible breakdown.
3️⃣ Institutional Support & Resistance Zones
🔹 Key Support Levels Below:
$2,910 (Trendline support) → If broken, next stop $2,900 - $2,892.
$2,900 → Institutional liquidity zone.
$2,875 → Major institutional demand level.
🔸 Immediate Resistance Levels Above:
$2,926 - $2,928 → Major rejection zone.
$2,950 → Institutional profit-taking area (if bullish reversal).
📢 Trade Execution – Should You Buy or Sell?
✅ SELL SETUP (Best Trade Right Now)
📍 Exact Entry: Sell below $2,910 if it breaks.
🎯 Take Profit Targets:
TP1: $2,900 (Immediate bearish target).
TP2: $2,892 (Stronger support level).
TP3: $2,875 (Institutional demand).
❌ Stop-Loss: Above $2,916 (To avoid stop-hunts).
📊 Risk-Reward Ratio (R:R): 1:3 (Optimized for high-probability short trade).
🚀 Alternative Scenario – When to Buy?
🔹 Only Buy if price holds above $2,910 & reclaims $2,920 with strong momentum.
🔹 Confirmation needed: Bullish engulfing candle & volume increase.
🔥 Final Verdict – SELL XAU/USD Now Below $2,910!
📌 Sell if $2,910 breaks → Target $2,900 - $2,892 - $2,875.
📌 If price holds above $2,910, wait for bullish confirmation before buying.
📌 Bias: Bearish – Rising wedge breakdown is likely.
🚀 Best trade: SHORT XAU/USD below $2,910 for maximum profit! 📉🔥
