Gold Spot (XAU/USD) Short Trade Setup - 1:10 RR
I'm am currently in a short position on Gold (XAU/USD) as the price shows signs of weakening after a steady uptrend.
Entry: 2627.79
Stop Loss (SL): 2635.6 (above recent highs and trendline)
Take Profits (TP):
TP 1: 2615.24 (Move SL to breakeven)
TP 2: 2615.305 (support level close to TP 1)
TP 3: 2586.490 (significant support zone)
TP 4: 2575.1 (deeper retracement level)
Full TP: 2546.86 (ultimate downside target, aligning with a previous major low)
The trade is based on the idea of a rejection near resistance and trendline breakout. I’m expecting a pullback towards the previous lows, supported by multiple levels of take profit to secure gains as the trade progresses.
Entry: 2627.79
Stop Loss (SL): 2635.6 (above recent highs and trendline)
Take Profits (TP):
TP 1: 2615.24 (Move SL to breakeven)
TP 2: 2615.305 (support level close to TP 1)
TP 3: 2586.490 (significant support zone)
TP 4: 2575.1 (deeper retracement level)
Full TP: 2546.86 (ultimate downside target, aligning with a previous major low)
The trade is based on the idea of a rejection near resistance and trendline breakout. I’m expecting a pullback towards the previous lows, supported by multiple levels of take profit to secure gains as the trade progresses.
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