XAUUSD 1H SELL LIMIT PROJECTION 24.01.24

Key Components of the Chart:
Channel Analysis:

The price is moving within a clearly defined parallel upward trend channel.
The channel is marked with two parallel trendlines: an upper resistance trendline and a lower support trendline, indicating the prevailing short-term bullish momentum.
Resistance Zone (R1):

A major resistance level is identified near 2788-2790, which aligns with the upper boundary of the trend channel.
This area is marked as a potential entry zone for a sell limit order, based on the expectation of a rejection from this resistance level.
Support Zone (S1):

A support level is marked near 2780, acting as the take profit (TP1) for the proposed trade. This is also in line with the midline of the channel, suggesting a likely pullback target.
Entry & Stop Loss (SL):

Entry zone: 2788–2790 (at resistance R1).
Stop loss (SL): 2798, placed just above the resistance zone to account for false breakouts.
Take profit (TP1): 2780, aiming for a move back toward the support level.
Trendlines and Candlestick Interaction:

The chart highlights how price action respects both the upper resistance trendline and lower support trendline through previous touchpoints, indicating strong adherence to the channel.
Bearish Projection:

The setup assumes a short-term bearish reversal from the resistance zone, as the price is anticipated to test the lower levels within the channel.