Gold is currently trading around 5020 after breaking below the previous support zone near 5080-5100 which has now turned into resistance. The market structure shows short-term bearish pressure as price made a BOS and formed a strong low near 5019. Price is also moving under the descending trendline which indicates sellers still control the market. However the 5000-5015 zone is acting as an important support level so a short-term retracement upward is possible before any further drop toward 4950 or even 4900 liquidity.
Trade Plan Sell Setup
Sell Zone: 5080-5100
Trigger: H1 bearish rejection or strong bearish candle close from this resistance zone
Targets: 5040, 5010, 4950
Invalidation: H1–H4 close above 5120
Trade Plan Buy Setup
Buy Zone: 5000 – 5015 (strong support area)
Trigger: H1 bullish rejection or strong bullish candle close from support
Targets: 5050, 5080, 5100
Invalidation: H1 close below 4985
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!
Trade Plan Sell Setup
Sell Zone: 5080-5100
Trigger: H1 bearish rejection or strong bearish candle close from this resistance zone
Targets: 5040, 5010, 4950
Invalidation: H1–H4 close above 5120
Trade Plan Buy Setup
Buy Zone: 5000 – 5015 (strong support area)
Trigger: H1 bullish rejection or strong bullish candle close from support
Targets: 5050, 5080, 5100
Invalidation: H1 close below 4985
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!
Trade active
Trade closed: target reached
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.