SELL XAUUSD
Resistance Zone :
The price has reached this zone but was rejected, indicating that sellers are stronger here.
This resistance acts as a ceiling where the price struggles to break through.
Support Zone (Highlighted in Red at the Bottom):
This area represents a potential target where buyers are likely to step in and support the price.
It's positioned around the 2650 level, which aligns with a strong demand zone.
Price Action Analysis:
After testing the resistance zone, the price is now forming a lower high, suggesting bearish momentum.
The red arrow projects a potential move down from the resistance zone toward the support zone.
Trend Confirmation:
The chart indicates a short-term downtrend starting from the resistance zone.
Trading Implications
If Shorting:
Entering a sell position near the resistance zone (if the price rejects it again) aligns with the downtrend.
Take profit could be set around the 2650 support zone.
If Waiting for Confirmation:
A breakdown of interim support levels or bearish candlestick patterns could signal further downside.
Alternatively, a reversal pattern near the 2650 zone could offer a long opportunity.
The price has reached this zone but was rejected, indicating that sellers are stronger here.
This resistance acts as a ceiling where the price struggles to break through.
Support Zone (Highlighted in Red at the Bottom):
This area represents a potential target where buyers are likely to step in and support the price.
It's positioned around the 2650 level, which aligns with a strong demand zone.
Price Action Analysis:
After testing the resistance zone, the price is now forming a lower high, suggesting bearish momentum.
The red arrow projects a potential move down from the resistance zone toward the support zone.
Trend Confirmation:
The chart indicates a short-term downtrend starting from the resistance zone.
Trading Implications
If Shorting:
Entering a sell position near the resistance zone (if the price rejects it again) aligns with the downtrend.
Take profit could be set around the 2650 support zone.
If Waiting for Confirmation:
A breakdown of interim support levels or bearish candlestick patterns could signal further downside.
Alternatively, a reversal pattern near the 2650 zone could offer a long opportunity.
Disclaimer
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