Gold Trade Setup – Watching the Breakout
Gold is currently consolidating between $3,200 and $3,500, with price action now pressing against a descending resistance line that has triggered multiple rejections in the past. We’re approaching a key decision point.
I'm favoring the upside in this setup — the momentum and structure suggest a potential breakout — but I fully recognize the downside potential and want to be prepared for both scenarios. Tight risk controls are key here.
Here’s how I’m positioned:
• Long Entry: Around $3,333
- Stop Loss: $3,330
- Target: $3,363 (looking for this level to be reached by end of day)
• Short Entry: Around $3,336
- Stop Loss: $3,340
- Take Profit: $3,303
The structure could resolve sharply in either direction, so I’m staying nimble and reactive.
Gold is currently consolidating between $3,200 and $3,500, with price action now pressing against a descending resistance line that has triggered multiple rejections in the past. We’re approaching a key decision point.
I'm favoring the upside in this setup — the momentum and structure suggest a potential breakout — but I fully recognize the downside potential and want to be prepared for both scenarios. Tight risk controls are key here.
Here’s how I’m positioned:
• Long Entry: Around $3,333
- Stop Loss: $3,330
- Target: $3,363 (looking for this level to be reached by end of day)
• Short Entry: Around $3,336
- Stop Loss: $3,340
- Take Profit: $3,303
The structure could resolve sharply in either direction, so I’m staying nimble and reactive.
Trade active
Both short and long entry targets hit.Trade closed: stop reached
Long stoploss hit. Short is still going.Note
I won't be able to update the short trade anymore because I mistakenly updated this as the trade closed. Next time I'll try to make sure I do this correctly to show both trades.
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🚀 Founder of SciQua | Strategy. Simulation. Signals.
TradingView indicators, backtesting tools, weekly contests, and live market analysis.
Join free, compete, win, and stay updated at sciqua.com
TradingView indicators, backtesting tools, weekly contests, and live market analysis.
Join free, compete, win, and stay updated at sciqua.com
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.