Gold is currently recovering from the 4096 support zone and moving towards the upside retracement area. The main selling area is around 4140 – 4147, where we can see a Fair Value Gap zone + 0.618 Fibonacci retracement.
Trade Plan:
Sell Limit Entry: 4147.06
Stop Loss: 4159.41
Take Profit 1: 4126.48
Take Profit 2: 4096.96
Reason for Sell Setup:
Price already made a strong bearish move, and now it is only retracing back to the premium/selling zone. If price reaches 4140–4147 and shows rejection, sellers may again push the market down towards 4126 and 4096.
Important:
Do not enter from current price. Wait for price to reach the selling zone and confirm rejection. If price breaks and closes above 4160, this sell setup becomes invalid.
Risk Note: Educational analysis only. Trade with proper risk management
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.
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.