Gold Technical Analysis - Potential Trade Setup

15 Apr

Time Frame: 15-Minute and 4-Hour
Pattern: Head and Shoulders Formation

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Overview:

Currently, on the 15-minute time frame, we observe a potential Head and Shoulders pattern forming, which could indicate a bearish reversal. As we analyze further, we identify that the B wave might be completing, setting us up for the upcoming C wave to the downside.

Key Levels:

- Invalidation Level (Head of the Pattern): 3246
- Fibonacci Level (Key Area on 4-Hour Time Frame): 0.618

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Trade Setup:

Given the formation and confirmations, we suggest considering a sell trade:

1. Entry Point: Monitor for a confirmation of the bearish move below the neckline of the head and shoulders pattern.
2. Stop Loss: Place the stop loss slightly above the invalidation level of 3246 to mitigate risk.
3. Take Profit Targets:
- TP1: 3215
- TP2: 3205
- TP3: 3195
- TP4: 3180
-TP5: 3140
Once the price moves below these levels, consider holding the sell trade down to a potential extreme target of 3140.

If we break 3140, the next support zone between 3040 and 3050 could come into play, where I expect strong buying interest for intra-day trading
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Risk Management:

Always manage your risk appropriately. Ensure that your position size is in line with your risk tolerance and that your stop loss is strictly adhered to. Monitor the market closely, as patterns can evolve, and be prepared to adjust your strategy as needed.

Conclusion:

With the Head and Shoulders pattern and the identified Fibonacci level providing confluence for a potential downside move, we have a compelling setup for taking a sell position. Keep an eye on the market dynamics and make informed decisions.

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Stay safe and trade wisely!

15 Apr

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