XAUUSD Bearish Setup with Key Entry, Stop Loss & Target Level

Entry Point: $3,235.94

Stop Loss: $3,235.94 (above current price, suggesting a SELL trade)

Target Points:

EA Target Point (Downside): $2,974.71 (Short target)

EA Target Point (Upside): $3,505.03 (Long target — likely alternate scenario)

Resistance Level: $3,121.49

Nearby Support Zone: Around $3,000–$2,975

📉 Trade Strategy Implied
This appears to be a short position setup:

Sell at: ~$3,220–$3,235

Stop Loss: $3,235.94

Take Profit: $2,974.71

Risk/Reward Ratio: ~1:3 (very favorable setup if thesis holds)

The upside target ($3,505.03) might be for a different scenario — if price reverses and breaks above resistance.

🧠 Market Structure Observations
Trend: A bearish break from a previous ascending channel.

Momentum: Price has bounced slightly after hitting support, but the moving averages suggest bearish momentum may persist.

Key Risk: If price breaks above $3,236 convincingly, it could invalidate the short setup and trigger a bullish run.

📌 Summary
Bias: Bearish (based on current setup)

Setup: Short with tight stop above resistance

Confirmation Needed: Watch for rejection at the $3,220–$3,236 zone and a breakdown below $3,200 for follow-through.