Sell XAUUSD Channel Breakout
Updated
The XAU/USD (spot gold) pair on the M30 timeframe presents a potential shorting opportunity due to a recent downward breakout from a well-defined bullish channel pattern. However, a cautious approach is advised due to gold's safe-haven status.
Why Caution is Advised:
Gold's Safe-Haven Status: Geopolitical tensions, economic uncertainty, or risk-off sentiment can trigger sudden buying sprees in gold, potentially invalidating the short trade.
Sell Entry: Below the broken support level of the channel, ideally around 2290. This offers an entry point close to the perceived shift in momentum.
Target Levels:
2265: This represents the previous resistance level within the channel, potentially acting as initial resistance now.
2248: This is a further extension of the downside target, based on the height of the recent price movement.
Stop-Loss: Place a stop-loss order above the broken resistance line of the channel, ideally around 2307. This helps limit potential losses if the price unexpectedly rallies.
Thank you.
Why Caution is Advised:
Gold's Safe-Haven Status: Geopolitical tensions, economic uncertainty, or risk-off sentiment can trigger sudden buying sprees in gold, potentially invalidating the short trade.
Sell Entry: Below the broken support level of the channel, ideally around 2290. This offers an entry point close to the perceived shift in momentum.
Target Levels:
2265: This represents the previous resistance level within the channel, potentially acting as initial resistance now.
2248: This is a further extension of the downside target, based on the height of the recent price movement.
Stop-Loss: Place a stop-loss order above the broken resistance line of the channel, ideally around 2307. This helps limit potential losses if the price unexpectedly rallies.
Thank you.
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Note
USD - NFP & Unemployment Rate now Comes with Positive data, which makes USD Strong
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