Gold at Key Resistance – Waiting for a Short Setup
Gold (XAU/USD) has been in a strong uptrend, but I believe a selling opportunity may emerge soon.
• Price is trading near the top of a rising channel, approaching a key resistance zone.
• Overextension and possible exhaustion could signal a reversal or deeper pullback.
• My approach is to wait for confirmation—signs of weakening momentum, bearish price action, or fundamental shifts before entering a short position.
Technical Outlook:
• Resistance: $2,900 - $3,000 (potential rejection area)
• Support: $2,600 - $2,500 (targets if a sell-off occurs)
• Indicators: Watching RSI for overbought conditions and candlestick patterns for reversal signs
Fundamental Factors:
• U.S. economic outlook – A strong labor market or inflation surprises could pressure gold.
• Central bank demand – If demand slows, gold may correct.
• Geopolitical risks – Uncertainty could delay a reversal, but a shift in sentiment may trigger selling.
• Price is trading near the top of a rising channel, approaching a key resistance zone.
• Overextension and possible exhaustion could signal a reversal or deeper pullback.
• My approach is to wait for confirmation—signs of weakening momentum, bearish price action, or fundamental shifts before entering a short position.
Technical Outlook:
• Resistance: $2,900 - $3,000 (potential rejection area)
• Support: $2,600 - $2,500 (targets if a sell-off occurs)
• Indicators: Watching RSI for overbought conditions and candlestick patterns for reversal signs
Fundamental Factors:
• U.S. economic outlook – A strong labor market or inflation surprises could pressure gold.
• Central bank demand – If demand slows, gold may correct.
• Geopolitical risks – Uncertainty could delay a reversal, but a shift in sentiment may trigger selling.
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