Gold Analysis: Short Fibonacci Resistance

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In this 1-hour Gold chart (XAU/USD), we observe the price retesting a significant area around the 2687 level after a recent downtrend. Fibonacci retracement levels are applied to gauge potential retracement zones.

• Entry Position: A potential short entry can be taken near the 2687 level, where price is facing resistance.
  

• Take-Profit Target: The first profit target could be set around 2664, where the next support lies, aligning with a favorable risk-to-reward ratio.
  

• Stop-Loss: Consider placing the stop-loss above the 0.5 Fibonacci level at 2699 to minimize risk if the price breaks higher.
  

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