XAUUSD- Short-term bearish move expected
Market Structure & Trend:
The chart shows a strong bullish move followed by a correction.
The price has reached a key resistance area near $2,816 - $2,829, where selling pressure is observed.
A potential bearish setup is forming, indicating a possible price decline.
Key Observations:
Bearish Setup:
A short trade setup is marked with a stop-loss above resistance (~$2,829).
The take-profit target is near $2,786, aligning with previous demand levels.
Support & Demand Zone:
A yellow demand zone (H1) is marked around $2,776 - $2,786, which could act as a strong support area.
If price reaches this zone, buyers might step in for a potential reversal.
Trendline & Structure:
The chart shows a possible break of the rising trendline, supporting a bearish move.
If price fails to break below $2,786, consolidation or a bullish bounce might occur.
Trading Plan:
Bearish Bias:
Entry: Near $2,812 - $2,816
Stop-Loss: Above $2,829
Take-Profit: $2,786, with potential extension to $2,776
Bullish Reversal Possibility:
If price strongly reacts at the H1 demand zone, buyers could enter for a reversal back to $2,800+
source https://www.tradingview.com/chart/XAUUSD/NXHl3FnY-XAUUSD-Short-term-bearish-move-expected/
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