Steven Trading - XAUUSD: Stay Close to the Descending Channel

Steven Trading - XAUUSD: Stay Close to the Descending Channel, Clear SELL/BUY Opportunities Ahead of the FED 🎯
Welcome, everyone, Steven Trading is back with a detailed Gold (XAU/USD) strategy for the start of the week!

Currently, Gold is trading steadily within a clearly established descending channel on smaller time frames. Our task is to stay close to the channel to look for Sell signals at resistance zones and Buy signals reacting at key support areas.

1. 📊 IN-DEPTH TECHNICAL ANALYSIS (Steven's TA)
Based on M30/H1 analysis (refer to images):

Main Trend: Gold is in a descending channel, closely following sell signals. Lower Highs and Lower Lows are continuously being formed.

Important SELL Zone: The 38.2% Fibo level at $3973 is acting as a crucial resistance. This is a technical confluence zone to closely monitor for executing trend-following Sell orders.

Ideal BUY Zone: A strong and potential support area to catch reaction waves is around $3890 - 3900. This area lies at the bottom of the descending channel, expected to create a bounce reaction.

2. 📰 MACRO CONTEXT & CASH FLOW (Context)
The market is in a tug-of-war ahead of the crucial Fed meeting:

Short-term Support 🟢: Gold prices have paused in a two-day downtrend as safe-haven demand returns ahead of the Fed meeting. The US dollar (USD) hit a weekly low due to dovish Fed expectations, reducing concerns about US-China trade, which supports Gold prices.

Long-term Support: The Bank of Korea (BOK) has planned to purchase gold – the first addition since 2013, providing long-term psychological support.

Focus: All attention is on the Fed meeting, determining the medium-term trend of USD and XAU/USD. Gold is seeking to reclaim the 21-day SMA at $4061.

3. 🎯 DETAILED TRADING PLAN (ACTION PLAN)
We prioritise trading within the channel range:

🔴 SELL Scenario (Stay Close to the Channel)
Entry Zone: $3973 - 3975 (Important 38.2% Fibo Zone)
Stop Loss (SL): $3979 (Set a tight SL)
Take Profit (TP): TP1: $3955 | TP2: $3930 | TP3: $3910 | TP4: $3888

🟢 BUY Reaction Scenario (Channel Bottom)
Entry Zone: $3895 - 3897
Stop Loss (SL): $3890
Take Profit (TP): TP1: $3922 | TP2: $3944 | TP3: $3975 | TP4: $3998

4. 🧠 Notes and Discipline (Steven's Note)
Discipline is number 1: Always adhere to the set Stop Loss. If the market goes against the plan, we accept the small predetermined risk.

Psychology: XAU/USD is testing the crucial 38.2% Fibo support level as the Fed meeting approaches. Volatility will be high, be patient for the right price zone.

Risk Management: Only trade with a risk volume of 1-2% of the account.

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