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Golddown

Gold (XAUUSD) – Short SetupGold is currently trading around $3,405 and moving directly into a strong resistance zone between $3400 – $3450. Price is entering a Reversal Zone around that price range, where previous attempts to break higher have failed multiple times. The structure shows that gold is testing the upper resistance line again, while momentum indicators are already showing signs of exhaustion. If price rejects this area, I expect a potential move down to the following targets: Target 1 (T1): $3,348 Target 2 (T2): $3,286 Target 3 (T3): $3,169 Stop Loss (SL): Above $3,450 If price breaks above this level with strong volume, the setup becomes invalid. Summary: I expect a rejection around the resistance zone and a potential pullback towards lower support levels. If the the resistance zone holds, this setup offers a good risk-reward ratio to the downside. No financial advice – just my personal trade idea based on my chart.
TVC:GOLDShort
by Maxxchineee
Potential Gold (XAU/USD) Bat; Is gold going down?Soooooo, you know when there's one person in the room that says something crazy.....well I'm possibly about to become that person. My previous post about the long short on the USD/JPY still shows that there is still a little bit of way for the USD to climb before the drop. So, this took me to the gold chart, and here's where we are at present. I have had this bat drawn for around 10 days, and really didn't believe that it would play out, but so far it is. This is IMPORTANT bit....this bat could easily break if closes above point C, it could also really break if it doesn't drop down to point D. To get down to point D we need the DXY to rise....and to get to that point we will need the FED to announce a rate rise. Now I'm fully aware that Wall Street is 60/40 that there will be a halt in rate rises, sending the dollar down, but, and it is a but, this chart is a possibility. If there is a rate hike then the chances are that we are heading to point D at 1866, then put your fib on the CD point and 50% is the TP1, point C is TP2. I'm not saying that any of this will definitely happen, and don't shoot the loony in the room, but it's a possibility that is on the table. Don't forget, the FED won't be worried about throwing the little guy in the street under a bus. Their job is to look after the economy.
TVC:GOLDShort
by Elite_Trading_Signals