Hello everyone, here is my breakdown of the current XAUUSD setup.
Market Analysis
Gold previously traded within an upward channel, forming higher lows and confirming bullish momentum. After reaching zone around 4,800, price started to lose strength and entered a consolidation phase, forming a triangle structure with multiple breakouts and retests.
Currently, XAUUSD is trading below the 4,740 resistance zone while holding above the 4,630 support zone. A recent rejection from resistance and continued compression inside the triangle suggest building bearish pressure.
My Scenario & Strategy
As long as XAUUSD remains below the 4,740 resistance and respects the triangle structure, the bearish scenario remains valid. A rejection from this area could push price toward the 4,630 support (TP1).
However, if price breaks above 4,740 and holds, the bearish scenario would be invalidated, opening the path for further upside.
That’s the setup I’m tracking. Thank you for your attention, and always manage your risk.
Market Analysis
Gold previously traded within an upward channel, forming higher lows and confirming bullish momentum. After reaching zone around 4,800, price started to lose strength and entered a consolidation phase, forming a triangle structure with multiple breakouts and retests.
Currently, XAUUSD is trading below the 4,740 resistance zone while holding above the 4,630 support zone. A recent rejection from resistance and continued compression inside the triangle suggest building bearish pressure.
My Scenario & Strategy
As long as XAUUSD remains below the 4,740 resistance and respects the triangle structure, the bearish scenario remains valid. A rejection from this area could push price toward the 4,630 support (TP1).
However, if price breaks above 4,740 and holds, the bearish scenario would be invalidated, opening the path for further upside.
That’s the setup I’m tracking. Thank you for your attention, and always manage your risk.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
🚀If you want became part of my trading team & start making big profits welcome to my paid VIP signals group, write me✏️ t.me/ratner_1
❤️Welcome to my telegram channel👉🏼 t.me/ratner_trading
❤️Welcome to my telegram channel👉🏼 t.me/ratner_trading
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.