Gold (XAU/USD) Bearish Setup

il y a 6 jours

hello guys.
Let's analyze gold!

1. Broken Trendline: The chart shows a previously strong uptrend that has been broken, signaling a potential shift in market structure. The price failed to sustain itself above the trendline, leading to a retracement.
   
2. Key Resistance and Potential Breakdown: The price is currently hovering around the $2,903 level. There’s a highlighted support/resistance zone just below this level. The annotation suggests that if this area is broken to the downside, a short trade opportunity arises.
   
3. Bearish Structure Formation: The price has made lower highs after the initial breakdown of the trendline, indicating weakening bullish momentum. The expectation is that if the price breaks the immediate support, it could continue downward.
   
4. Target Zone: The projected move suggests a drop toward the next major support zone around $2,820–$2,800, where buyers might step in.
   

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Trading Plan Consideration

• Short Entry: If the price breaks below the marked zone (around $2,880), confirming bearish momentum.
  
• Stop-Loss: A safe stop would be above the recent highs near $2,920–$2,930.
  
• Take Profit: Around the $2,820 zone, where the next major support lies.
  

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Conclusion
Gold’s price action suggests a bearish setup if support breaks. Traders should watch for confirmation before entering short positions. However, if the support holds, a bullish rebound could still be possible.

avant-hier

Transaction en cours

the breakout happened