Gold is showing **signs of weakness** near the **$2,903 - $2,863** resistance zone, which aligns with the Fibonacci retracement and previous price action. This setup favors a short position, aiming for a deeper retracement.
### 🔹 **Trade Setup:**
- **📍 Entry:** Around **$2,903 - $2,863**, key resistance levels.
- **🛑 Stop Loss:** Above **$2,942**, to avoid false breakouts.
- **🎯 Take Profit Targets:**
- **First TP:** **$2,843** (early support zone)
- **Second TP:** **$2,824** (-0.5 Fibonacci level)
- **Extended TP:** **$2,785** (-1 Fibonacci level for a deeper correction)
### 📊 **Trade Rationale:**
✅ **Key Resistance Zone:** Price is struggling around $2,903 - $2,863, suggesting a potential reversal.
✅ **Fibonacci & Market Structure:** The setup aligns with key retracement levels and past support zones.
✅ **Bearish Confirmation Needed:** Watching for rejection wicks or lower timeframe breakdowns before full commitment.
### ⚠️ **Risk Management:**
- If price **breaks above $2,942** with strong momentum, I will **exit** the trade.
- Monitoring **volume and candlestick patterns** for additional bearish confirmation.
Let’s see how this setup unfolds! 🚀📉
Would you adjust any levels, or does this match your plan? 🤔
### 🔹 **Trade Setup:**
- **📍 Entry:** Around **$2,903 - $2,863**, key resistance levels.
- **🛑 Stop Loss:** Above **$2,942**, to avoid false breakouts.
- **🎯 Take Profit Targets:**
- **First TP:** **$2,843** (early support zone)
- **Second TP:** **$2,824** (-0.5 Fibonacci level)
- **Extended TP:** **$2,785** (-1 Fibonacci level for a deeper correction)
### 📊 **Trade Rationale:**
✅ **Key Resistance Zone:** Price is struggling around $2,903 - $2,863, suggesting a potential reversal.
✅ **Fibonacci & Market Structure:** The setup aligns with key retracement levels and past support zones.
✅ **Bearish Confirmation Needed:** Watching for rejection wicks or lower timeframe breakdowns before full commitment.
### ⚠️ **Risk Management:**
- If price **breaks above $2,942** with strong momentum, I will **exit** the trade.
- Monitoring **volume and candlestick patterns** for additional bearish confirmation.
Let’s see how this setup unfolds! 🚀📉
Would you adjust any levels, or does this match your plan? 🤔
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