Short Timeframes (M5, M15): Bearish signals indicate short-term selling pressure. Mid/High Timeframes (H1, H4): Bullish momentum is still active, suggesting the possibility of a pullback to resume upward trends. Daily Timeframe: Bearish signals show the overall long-term trend may be turning downwards, requiring caution with long positions. 2. Key Levels Identification Support Levels:
$2,685: Immediate minor support zone visible on the chart. $2,680: Strong institutional demand zone aligning with previous swing lows. Resistance Levels:
$2,700–$2,710: Strong rejection zone recently tested, with selling pressure evident. 3. Liquidity Zones and FU Candles Liquidity:
A liquidity cluster exists below $2,685, likely targeting retail stop-loss orders. FU Candles:
On lower timeframes, bearish FU candles near $2,700 signal potential exhaustion of buyers in this region. Updated Entry, Stop-Loss (SL), and Take-Profit (TP) Strategy Scenario: Given the short-term bearish signals, a short position is recommended until clear bullish confirmation appears.
Entry:
Short near $2,693, following rejection from the resistance zone. Stop-Loss (SL):
Place SL at $2,702, slightly above recent swing highs and the upper resistance zone. Take-Profit (TP):
First TP at $2,685, targeting minor support. Second TP at $2,680, aligning with the institutional demand zone. Risk-Reward Ratio:
1:2, with ~9 pips of risk (SL: $2,702) and ~18 pips of reward (TP1: $2,685). Additional Considerations Confirmation for Entry: Wait for bearish candlestick patterns (e.g., engulfing candles or a breakdown below $2,690) before entering. Market Context: Monitor gold-related news or events that may influence price momentum
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