Gold continues to trade with a clear bearish structure respecting the descending channel and remaining below the major bearish trendline. The recent pullback into 4060-70 zone was rejected indicating that sellers are defending this resistance area and maintaining downside momentum. Price is also trading below the previous swing highs and key horizontal resistance around 4030-4100 reinforcing the bearish outlook.
The daily support near 3940 is currently being tested making it a critical level to watch. A decisive H4 close below this support would confirm fresh selling pressure and increase the probability of a move toward 3900 followed by the extension targets near 3842 and 3781. While a short term corrective bounce cannot be ruled out from current levels, any recovery toward the highlighted sell zone is likely to attract sellers unless bulls manage to secure a strong H4 close above 4100.
Until that happens the overall market structure remains bearish and rallies are still favored as selling opportunities rather than signs of a trend reversal.
Trade Plan - Sell Setup
Sell Zone: 4030-4070
Targets: 3940, 3900, 3842, 3781
Invalidation: H4 close above 4100
Note
Please risk management in trading is a Key so use your money accordingly. If you like the idea then please like and boost. Thank you and Good Luck!
The daily support near 3940 is currently being tested making it a critical level to watch. A decisive H4 close below this support would confirm fresh selling pressure and increase the probability of a move toward 3900 followed by the extension targets near 3842 and 3781. While a short term corrective bounce cannot be ruled out from current levels, any recovery toward the highlighted sell zone is likely to attract sellers unless bulls manage to secure a strong H4 close above 4100.
Until that happens the overall market structure remains bearish and rallies are still favored as selling opportunities rather than signs of a trend reversal.
Trade Plan - Sell Setup
Sell Zone: 4030-4070
Targets: 3940, 3900, 3842, 3781
Invalidation: H4 close above 4100
Note
Please risk management in trading is a Key so use your money accordingly. If you like the idea then please like and boost. Thank you and Good Luck!
Ordre annulé
The NFP data pushed Gold higher and the H4 close above 4100 confirmed that the setup was no longer valid.
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Les informations et publications ne sont pas destinées à être, et ne constituent pas, des conseils ou recommandations financiers, d'investissement, de trading ou autres fournis ou approuvés par TradingView. Pour en savoir plus, consultez les Conditions d'utilisation.
Publications connexes
Clause de non-responsabilité
Les informations et publications ne sont pas destinées à être, et ne constituent pas, des conseils ou recommandations financiers, d'investissement, de trading ou autres fournis ou approuvés par TradingView. Pour en savoir plus, consultez les Conditions d'utilisation.