XAU/USD is showing signs of short-term weakness on the 15-minute chart after failing to sustain momentum near the 4,195 resistance area. The market experienced a sharp bearish selloff from the highlighted supply zone, pushing price down toward the 4,176 support region. This decline suggests that sellers remain active at higher levels, while buyers are attempting to defend key support.
The chart outlines a potential long setup with an entry around 4,182.04, a stop loss at 4,175.82, and an upside target near 4,205.47. The recent bullish reaction from support indicates that buyers are stepping in, creating the possibility of a recovery toward the upper resistance zone. However, confirmation is still needed, as the broader move remains corrective following the sharp bearish candle.
Traders should watch for strong bullish candles and increased volume above 4,182 to validate the setup. A successful hold above 4,176 could trigger a move toward 4,205, while a breakdown below support may expose lower levels. Overall, the outlook remains cautiously bullish above support.
The chart outlines a potential long setup with an entry around 4,182.04, a stop loss at 4,175.82, and an upside target near 4,205.47. The recent bullish reaction from support indicates that buyers are stepping in, creating the possibility of a recovery toward the upper resistance zone. However, confirmation is still needed, as the broader move remains corrective following the sharp bearish candle.
Traders should watch for strong bullish candles and increased volume above 4,182 to validate the setup. A successful hold above 4,176 could trigger a move toward 4,205, while a breakdown below support may expose lower levels. Overall, the outlook remains cautiously bullish above support.
Trade closed: stop reached
sl hit
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Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.