The XAU/USD pair on the H4 timeframe presents a potential selling opportunity due to a recent downward breakout from a well-defined Channel pattern. This suggests a shift in momentum towards the downside in the coming Days.
Key Points:
Sell Entry: Consider entering a short position around the current price of 2405, positioned close to the breakout level. This offers an entry point near the perceived shift in momentum.
Target Levels: 1st Support – 2335 2nd Support – 2297
Stop-Loss: To manage risk, place a stop-loss order above 2490. This helps limit potential losses if the price unexpectedly reverses and breaks back upwards.
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