Gold (XAUUSD) 4-Hour Short Trade Setup
Market Context:
The 4-hour timeframe for gold (XAUUSD) shows an internal Change of Character (I-CHoCH), suggesting a potential retracement after a strong upward movement. This indicates the possibility of a short-term pullback before the uptrend resumes, with the market eyeing new highs.
Entry Point:
The entry point for this short (sell) trade is identified at $2,500 +/- 5, near a resistance zone formed by the recent price action. This area is expected to provide a strong barrier to further upward movement, making it an ideal spot to enter the short trade.
Stop-Loss Placement:
To manage the risk of the trade, the stop-loss is placed at $2,515. This level is slightly above the anticipated resistance zone, guarding against the possibility that the uptrend could continue without the expected pullback.
Take-Profit Area:
The take-profit target is set at $2,450 +/- 5, based on a retracement to a key support level. This target offers a favorable risk-reward ratio, capitalizing on the anticipated short-term pullback within the overall uptrend.
Alternative Scenario:
If the price breaks through the resistance around $2,515 and sustains above this level, it may signal the continuation of the uptrend, with the price potentially moving toward $2,560 or higher.
The 4-hour timeframe for gold (XAUUSD) shows an internal Change of Character (I-CHoCH), suggesting a potential retracement after a strong upward movement. This indicates the possibility of a short-term pullback before the uptrend resumes, with the market eyeing new highs.
Entry Point:
The entry point for this short (sell) trade is identified at $2,500 +/- 5, near a resistance zone formed by the recent price action. This area is expected to provide a strong barrier to further upward movement, making it an ideal spot to enter the short trade.
Stop-Loss Placement:
To manage the risk of the trade, the stop-loss is placed at $2,515. This level is slightly above the anticipated resistance zone, guarding against the possibility that the uptrend could continue without the expected pullback.
Take-Profit Area:
The take-profit target is set at $2,450 +/- 5, based on a retracement to a key support level. This target offers a favorable risk-reward ratio, capitalizing on the anticipated short-term pullback within the overall uptrend.
Alternative Scenario:
If the price breaks through the resistance around $2,515 and sustains above this level, it may signal the continuation of the uptrend, with the price potentially moving toward $2,560 or higher.
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