XAUUSD next move. 2H timeframe analysis.

8 Des

Trading Idea: Sell Target 2604 with Pullback Opportunity

Asset: XAUUSD
Timeframe: 2H
Current Price: 2633
Target: 2604

Technical Setup:
The market is in a downtrend, with lower highs and lower lows. Price is heading toward key support at 2604, a strong historical level. Indicators show continued bearish momentum:

RSI is near overbought, suggesting potential for a correction.
MACD remains negative, signaling more downside.
Price is below both the 50 EMA and 200 EMA, confirming the overall bearish trend.
A move towards 2604 may trigger a temporary pullback, so watch for reversal signals (bullish candles or patterns) for potential long entries after hitting this zone.

Fundamentals:
The broader market sentiment is risk-off, with global concerns over [inflation, interest rates, or economic slowdown] weighing on risk assets. Any negative economic data or geopolitical risks could drive further bearish pressure.