Looking at your chart for XAU/USD (Gold vs USD) on the 1H timeframe, here’s the breakdown:
1. Current Trade Setup
Entry Price: Around 3,478.7
Stop Loss: Near 3,485.0
Take Profit (Target): Near 3,448.7
Risk/Reward Ratio: 2.46 (good, since it’s above 2.0)
Open P&L: Currently at –4.193, meaning the trade is in a slight drawdown.
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2. Technical Observations
The candles before your short entry show sideways consolidation after a sharp bullish spike.
You’re likely betting on a reversal downwards from the resistance zone (around 3,485).
Stop loss is placed just above resistance (smart positioning).
Target is set at the lower range of support (around 3,448).
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3. Key Levels
Immediate Resistance: 3,485 – 3,490 (where SL is set).
Immediate Support: 3,470 – 3,465 (minor level).
Major Support: Around 3,448 (your TP zone).
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4. Trade Bias
✅ Risk-to-Reward is favorable.
✅ Positioning looks logical: short near resistance, target near support.
⚠️ However, since gold had a strong bullish impulse earlier, you may face buyers re-entering if price holds above 3,470.
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5. Scenarios
Bearish Case (your plan): If gold breaks below 3,470, it likely accelerates to your target (3,448).
Bullish Case: If price holds above 3,474 – 3,478 and pushes past 3,485, bulls may retest 3,495–3,500 zone.
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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.