I am looking at a high-probability short setup on Gold Futures (Daily Timeframe) as price action moves into a critical resistance cluster. We are seeing a "Triple Confluence" at the current level, suggesting the bullish retracement is losing steam.
The 3 Key Confluences:
a. Daily Trendline: Price is rejecting off the descending trendline that has respected the bearish structure since the highs.
b. 50% Fibonacci Retracement: The current rally has stalled exactly at the 0.5 retracement level of the previous impulsive drop.
c. Key Structural Zone: We are testing a major horizontal resistance zone ("Important Zone") that previously acted as support.
The Trade Plan:
Bias: Short/Bearish
Risk/Reward: The setup offers an excellent R:R ratio (>1:2).
Stop Loss: Placed strictly above the trendline and resistance cluster to invalidate the thesis.
Target: Looking for a move back down toward recent swing lows liquidity zones.
The 3 Key Confluences:
a. Daily Trendline: Price is rejecting off the descending trendline that has respected the bearish structure since the highs.
b. 50% Fibonacci Retracement: The current rally has stalled exactly at the 0.5 retracement level of the previous impulsive drop.
c. Key Structural Zone: We are testing a major horizontal resistance zone ("Important Zone") that previously acted as support.
The Trade Plan:
Bias: Short/Bearish
Risk/Reward: The setup offers an excellent R:R ratio (>1:2).
Stop Loss: Placed strictly above the trendline and resistance cluster to invalidate the thesis.
Target: Looking for a move back down toward recent swing lows liquidity zones.
Pernyataan Penyangkalan
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Pernyataan Penyangkalan
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.