XAUUSD - 15 mins SELL
Entry Context:
The sell entry at 2,646 is just below the key 78.6% Fibonacci retracement level (2,650), a strong resistance zone.
This aligns well with the rejection of bullish momentum near the higher Fib levels.
Technical Patterns:
A Bearish Pennant pattern is visible, signaling a continuation of the downtrend.
Price action is forming lower highs, adding strength to the bearish bias.
Indicators:
Momentum: Indicators show weakening bullish momentum, aligning with the rejection near 2,650.
EMAs: Short-term EMAs are flattening, indicating a potential bearish crossover.
The sell entry at 2,646 is just below the key 78.6% Fibonacci retracement level (2,650), a strong resistance zone.
This aligns well with the rejection of bullish momentum near the higher Fib levels.
Technical Patterns:
A Bearish Pennant pattern is visible, signaling a continuation of the downtrend.
Price action is forming lower highs, adding strength to the bearish bias.
Indicators:
Momentum: Indicators show weakening bullish momentum, aligning with the rejection near 2,650.
EMAs: Short-term EMAs are flattening, indicating a potential bearish crossover.
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