Technical Analysis
Price Structure: Gold has been moving within a clear horizontal range between 3,280 (support) and 3,440 (resistance) since early May.
Current Context: Price recently tested the upper half of the range but failed to break above the 3,380–3,400 short-term resistance zone.
Candlestick Behavior: Recent daily candles show rejection wicks and bearish closes, suggesting loss of bullish momentum.
Trend Bias: The broader trend is sideways, but repeated rejections at the mid-upper channel signal potential for a move lower toward the range bottom.
Volume & Momentum: Lower volume on upward pushes and stronger volume on declines indicate sellers are gradually gaining control.
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Trade Justification
Risk/Reward Ratio: ~1:2, based on a 32-point stop and 68-point target.
Technical Confirmation: Multiple failed attempts to break mid-range resistance, aligning with a possible bearish impulse move toward support.
Key Level: 3,280 is a strong demand zone where price may find its next major reaction.
Recommendation:
Short entries can be considered at 3,348, with stop loss at 3,380 and take profit at 3,280. Risk should be managed carefully, as this trade is counter to the immediate short-term bounce but in line with the range structure.
Price Structure: Gold has been moving within a clear horizontal range between 3,280 (support) and 3,440 (resistance) since early May.
Current Context: Price recently tested the upper half of the range but failed to break above the 3,380–3,400 short-term resistance zone.
Candlestick Behavior: Recent daily candles show rejection wicks and bearish closes, suggesting loss of bullish momentum.
Trend Bias: The broader trend is sideways, but repeated rejections at the mid-upper channel signal potential for a move lower toward the range bottom.
Volume & Momentum: Lower volume on upward pushes and stronger volume on declines indicate sellers are gradually gaining control.
---
Trade Justification
Risk/Reward Ratio: ~1:2, based on a 32-point stop and 68-point target.
Technical Confirmation: Multiple failed attempts to break mid-range resistance, aligning with a possible bearish impulse move toward support.
Key Level: 3,280 is a strong demand zone where price may find its next major reaction.
Recommendation:
Short entries can be considered at 3,348, with stop loss at 3,380 and take profit at 3,280. Risk should be managed carefully, as this trade is counter to the immediate short-term bounce but in line with the range structure.
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.