XAUUSD ( GOLD ) SHORT TO 2585

:chart_with_upwards_trend: **Chart Link**:

:man_teacher_tone3: **Breakdown:**
Current Price Action: Gold has shown major resistance on breaking 2700 twice in the last week being on Friday and Sunday, where we also seen it showing resistance at 2690 before it shot down to end the day with 2657, looking closely we can where we can expect a soft pull back this week to 2586 area lets dive closer as most traders are waiting for the next break as we are now back in a channel. In Order for us to officially say Gold is bullish again we would need to break our last High/ATH. but as traders we wont wait that long for a confirmation to long gold the main area of importance from where price is right now is 2690 that is the new resistance area. When we zoom out on the Daily Chart we can see 2713 area is not being broken and now we have 2690 which now leads me to believe we have a final push down to 2584 or even deeper 2550 one last time before we ride up to 2800.

**Key Support & Resistance Levels:**
- **Support:** 2600
- **Resistance**: 2690
**Entry Strategy**: I am looking to enter a short at 2660 on market open with 3 positions each with have a different level of risk exposure along with a different target level.

**Exit Strategy**:I am hoping to hold out until 2585 but the other two target areas are - 2600 & 2635 ( FVG AREA ) AND POI

**Potential Risk & Reward:**
- **Risk (pips/points)**: 60 pips risk

- **Reward (pips/points)**: 750 pips reward
- **Risk-to-Reward Ratio**: 12:5
- **Market Conditions to Monitor**: PPI on Tuesday ; CPI on wednesday;