GOLD SELL 27/06/2024
This chart depicts a gold (XAU/USD) trade setup on an hourly timeframe. The key elements of the trade are as follows:
Descending Triangle Pattern: The price has formed a descending triangle pattern, indicated by the converging red trendlines.
Resistance and Support Zones: There are clearly marked resistance zones around the zones shaded in gray and light blue.
Breakout and Retest: The price recently broke out below the channel, retested the previous support-turned-resistance area around 2330-2332, and is now showing signs of continuation to the downside.
Entry Point: The trade entry is positioned around the current price level of 2330, after the price confirmed the resistance zone.
Target and Stop Loss: The target for this trade is set at the next support zone around 2272-2275, with the stop loss placed above the resistance zone, around 2334. This setup offers a favorable risk-reward ratio.
The trade strategy involves shorting gold at the current price, anticipating a move down to the next support level, with a stop loss set above the recent high.
Recall to use proper risk management.
Descending Triangle Pattern: The price has formed a descending triangle pattern, indicated by the converging red trendlines.
Resistance and Support Zones: There are clearly marked resistance zones around the zones shaded in gray and light blue.
Breakout and Retest: The price recently broke out below the channel, retested the previous support-turned-resistance area around 2330-2332, and is now showing signs of continuation to the downside.
Entry Point: The trade entry is positioned around the current price level of 2330, after the price confirmed the resistance zone.
Target and Stop Loss: The target for this trade is set at the next support zone around 2272-2275, with the stop loss placed above the resistance zone, around 2334. This setup offers a favorable risk-reward ratio.
The trade strategy involves shorting gold at the current price, anticipating a move down to the next support level, with a stop loss set above the recent high.
Recall to use proper risk management.
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