1️⃣ Market Context: Gold is experiencing a short-term corrective phase following a strong bullish impulse.
2️⃣ The Setup: Price is currently breaking down from an ascending parallel channel. This move mirrors the initial bearish impulse highlighted in the first gray box.
3️⃣ Execution: I am looking for a potential long setup inside the "Reversal Area" (4,680–4,684), which aligns with previous structural support.
Otherwise, if the market does not reverse from the reversal area, there is a 50% chances of touching the Central Zone and goes bullish momentum.
4️⃣ Risk Management: This setup invalidates if candles close decisively below 4,675. Target is set back toward the "Central Zone" at 4,698.
2️⃣ The Setup: Price is currently breaking down from an ascending parallel channel. This move mirrors the initial bearish impulse highlighted in the first gray box.
3️⃣ Execution: I am looking for a potential long setup inside the "Reversal Area" (4,680–4,684), which aligns with previous structural support.
Otherwise, if the market does not reverse from the reversal area, there is a 50% chances of touching the Central Zone and goes bullish momentum.
4️⃣ Risk Management: This setup invalidates if candles close decisively below 4,675. Target is set back toward the "Central Zone" at 4,698.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.