Sell XAUUSD Bearish Pennant
Updated
The XAU/USD pair (spot gold) on the M30 timeframe presents a potential shorting opportunity due to the presence of a bearish flag pattern following a strong downward move.
Potential Short Trade :
Entry: Consider entering a short position (selling) below the broken support trendline of the flag after confirmation. Ideally, this would be around 2330 or lower if the price continues to decline.
Target Levels:
2272: This represents the height of the flag, measured from the flagpole (initial downtrend) to the top of the flag, projected downwards from the breakout point.
2240: This is a further extension of the downside target, based on the height of the flagpole.
Stop-Loss: Once the entry point is confirmed, place a stop-loss order above the broken support line of the flag, ideally with some buffer around 2340. This helps limit potential losses if the price unexpectedly reverses and breaks back upwards.
Thank you.
Potential Short Trade :
Entry: Consider entering a short position (selling) below the broken support trendline of the flag after confirmation. Ideally, this would be around 2330 or lower if the price continues to decline.
Target Levels:
2272: This represents the height of the flag, measured from the flagpole (initial downtrend) to the top of the flag, projected downwards from the breakout point.
2240: This is a further extension of the downside target, based on the height of the flagpole.
Stop-Loss: Once the entry point is confirmed, place a stop-loss order above the broken support line of the flag, ideally with some buffer around 2340. This helps limit potential losses if the price unexpectedly reverses and breaks back upwards.
Thank you.
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