Gold (XAU/USD) has formed a double-top pattern at a key resistance zone around $2943, aligning with a bearish engulfing candlestick on the daily timeframe. This suggests a possible shift in momentum from bullish to bearish.
The price is currently retracing into a potential sell zone, where a rejection could lead to further downside movement. The fixed range volume profile and market structure indicate that sellers may step in, pushing the price lower towards key demand areas.
🔹 Key Technical Highlights:
Trading Plan:
📍 Look for bearish confirmation signals around the retracement zone for short opportunities. If price decisively breaks above $2950, reassess the bearish bias.
⚠️ Disclaimer: This is for educational purposes only. Always conduct your own analysis and risk management before taking any trades. 🚀
#XAUUSD #Gold #Forex #PriceAction #SmartMoneyConcepts
The price is currently retracing into a potential sell zone, where a rejection could lead to further downside movement. The fixed range volume profile and market structure indicate that sellers may step in, pushing the price lower towards key demand areas.
🔹 Key Technical Highlights:
- Double Top Resistance: $2943
- Bearish Engulfing on Daily TF 📉
- Break of Structure (BOS) on lower timeframes
- Potential Retracement Zone: If price fails to reclaim resistance, further downside is expected.
- Target Areas: First key support around $2850, with a deeper target near $2780 - $2760.
Trading Plan:
📍 Look for bearish confirmation signals around the retracement zone for short opportunities. If price decisively breaks above $2950, reassess the bearish bias.
⚠️ Disclaimer: This is for educational purposes only. Always conduct your own analysis and risk management before taking any trades. 🚀
#XAUUSD #Gold #Forex #PriceAction #SmartMoneyConcepts
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