[EL Gold] Potential Breakout (Short strategy)

In last week, we saw the price action shows relatively small fluctuations with frequent pullbacks, indicating a range-bound movement in the short term.
There are multiple instances of price testing resistance and support levels, suggesting a possible consolidation phase. Momentum appears to be neutral, with no clear trend dominance.

However, I would say the gold price will breakout this week. Below is our opportunity!

I have shared the long scenario in another post. pleas check my profile.

📉 Bearish Breakout Strategy
🚨 Scenario: If price breaks below $2,894 (Fibo 0.5) with strong momentum

🔸 Entry Rules:
Sell when price closes below $2,894 (Fibo 0.5) with a strong bearish candle

🎯 Targets for Bearish Breakout:
1️⃣ $2,880 - $2,882 (Fibo 0.382 at $2,879)
2️⃣ $2,860 - $2,865 (previous support zone)
3️⃣ $2,845 - $2,850 (strong downside extension if momentum continues)

🛑 Stop Loss:
Above $2,900 - $2,902 (previous support-turned-resistance)
Tighter SL: $2,898 if scalping

🔹 Additional Confirmation Before Short Entry
✅ Wait for retest: If price breaks below $2,894, a pullback to $2,894 - $2,896 is a better short entry.
✅ Avoid fakeouts: Ensure volume is above average before entering.