Gold 4H Trend Continuation Setup

1 oct.

Gold is currently trading under the FibCloud and touching the 0.6 Fibonacci retracement level on the 4-hour chart. While this setup favors a continuation of the downtrend, there’s also a possibility of a breakout at this stage. I expect a potential test of the 2,658 Sunday open area before the market shows its true direction. So far, Gold has been printing a well-controlled downtrend, but it’s important to stay alert for any changes in momentum.

Technical Analysis:
• Gold is trading below the FibCloud, signaling bearish momentum.
• The price is testing the 0.6 Fibonacci retracement, a key level that could either result in a trend continuation or a breakout.
• A retest of the 2,658 Sunday open area may occur before the market confirms its next move.
• I’m expecting a move towards the 2,600-2,620 price range if the downtrend continues.

At this point, the trade could go either way—continuing the downtrend or breaking out. The 2,658 area will be key in determining the next move. For now, Gold has maintained a structured downtrend, and I’m favoring a short position targeting the 2,600-2,620 range. As always, proper risk management is essential in these conditions.

Note: Please remember to adjust this trade idea according to your individual trading conditions, including position size, broker-specific price variations, and any relevant external factors. Every trader’s situation is unique, so it’s crucial to tailor your approach to your own risk tolerance and market environment.

1 oct.

Trade fermée manuellement

The trade has been closed as it seems that Gold is gearing up for a breakout. Given the shift in momentum, I’ve decided to close the position. It’s important to remain flexible and adjust when the market signals a potential change in direction.