This is a trading setup for Gold (XAU/USD) on the 30-minute timeframe, showing a potential bearish move.
Analysis:
Key Indicators:
200 EMA (blue line) at 3,019.55: Acting as a resistance level.
30 EMA (red line) at 3,017.45: Providing short-term trend guidance.
Price Action & Structure:
The price previously rejected from a resistance zone (purple area) and started forming lower highs.
Repeated bearish patterns suggest another potential drop.
The chart highlights measured moves of previous declines (-30.62, -24.75), indicating a possible repeat of the pattern.
Trade Setup:
Bearish Outlook: Price is expected to drop towards the target point at 2,991.43.
Entry: Near the break of the lower trendline in the ascending wedge.
Target: 2,991.43 (marked as "TARGET POINT").
Risk Management: Ensure proper stop-loss placement above recent highs.
Conclusion:
If price respects the pattern, a downward move is likely.
A confirmed break below support could accelerate the drop.
Analysis:
Key Indicators:
200 EMA (blue line) at 3,019.55: Acting as a resistance level.
30 EMA (red line) at 3,017.45: Providing short-term trend guidance.
Price Action & Structure:
The price previously rejected from a resistance zone (purple area) and started forming lower highs.
Repeated bearish patterns suggest another potential drop.
The chart highlights measured moves of previous declines (-30.62, -24.75), indicating a possible repeat of the pattern.
Trade Setup:
Bearish Outlook: Price is expected to drop towards the target point at 2,991.43.
Entry: Near the break of the lower trendline in the ascending wedge.
Target: 2,991.43 (marked as "TARGET POINT").
Risk Management: Ensure proper stop-loss placement above recent highs.
Conclusion:
If price respects the pattern, a downward move is likely.
A confirmed break below support could accelerate the drop.
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.