XAU/USD Bearish Harmonic Pattern - Short Setup at Key Resistance
Pattern Formation: A Bearish Harmonic Pattern (likely a Gartley or Butterfly) has formed on the XAU/USD 4-hour timeframe. This pattern indicates a potential trend reversal at the D point, aligning with a key resistance zone.
TP1: $2,800 (First major support) TP2: $2,740 (Extended move) TP3: $2,726 (Final support level) Technical Confluences: ✅ The pattern has completed at D, which aligns with a strong historical resistance level. ✅ Fibonacci ratios confirm harmonic structure, with XA, AB, BC, and CD waves respecting key retracement and extension levels. ✅ Bearish divergence on RSI/MACD (if applicable), suggesting weakening momentum. ✅ Price action near D shows potential rejection wicks, hinting at selling pressure.
Trade Execution Strategy: 🔸 Entry Method: Wait for a rejection candle or bearish confirmation (e.g., engulfing or pin bar). 🔸 Risk-Reward Ratio: Approx. 1:3, making this a high-probability setup. 🔸 Trailing Stop: Move stop loss to breakeven once price reaches TP1.
🚨 Disclaimer: This is not financial advice. Always manage risk and trade responsibly! 🚨
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