Gold Analysis
XAU/USD – Potential Reversal Zone and Bearish Opportunity
Gold's recent price action on the 1-hour timeframe shows a key formation with multiple swing lows (highlighted in orange), suggesting potential liquidity grabs followed by a bullish retracement. However, the price is now approaching $2,748, which aligns with a significant resistance zone (purple box).
Key Levels and Analysis:
Resistance: $2,748 – This area marks a critical supply zone where selling pressure may increase.
Support Zones:
First support: $2,720
Second support: $2,710 – If the downward move continues, this is the primary target for bears.
Trade Idea:
Sell Entry: Near $2,748 if rejection confirms with bearish candlestick patterns.
Target: $2,710
Risk: A breakout above $2,748 would invalidate the bearish setup.
Risk-to-Reward:
Potential downside: -1.42% (-39 points)
If rejection occurs, we could see a move toward $2,710, offering a nice scalping or intraday trade opportunity.
Gold's recent price action on the 1-hour timeframe shows a key formation with multiple swing lows (highlighted in orange), suggesting potential liquidity grabs followed by a bullish retracement. However, the price is now approaching $2,748, which aligns with a significant resistance zone (purple box).
Key Levels and Analysis:
Resistance: $2,748 – This area marks a critical supply zone where selling pressure may increase.
Support Zones:
First support: $2,720
Second support: $2,710 – If the downward move continues, this is the primary target for bears.
Trade Idea:
Sell Entry: Near $2,748 if rejection confirms with bearish candlestick patterns.
Target: $2,710
Risk: A breakout above $2,748 would invalidate the bearish setup.
Risk-to-Reward:
Potential downside: -1.42% (-39 points)
If rejection occurs, we could see a move toward $2,710, offering a nice scalping or intraday trade opportunity.
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