BTCUSD 💠In trading, every loss brings an opportunity to reflect and improve. Use this time to reassess your strategy and mindset. Remember, the best traders are those who learn to navigate losses with grace and determination.
🔷Analyzing Gold With Fibonacci Tools For Swing Trading
Trading Guidelines Current price (91,685) is between Daily R1 and R2 Strong resistance cluster near 92,000-92,100 Key support at Daily Pivot (89,062) Maintain strict stop losses as provided Consider scaling out at each target level
Risk Management Notes Use maximum 1% risk per trade Trail stops after first target hit Monitor price action at pivot levels Consider market volatility before entry Watch for breakout/breakdown scenarios
Short Reason for Entry: Gold is approaching a strong resistance zone near 2588, which aligns with the 50% Fibonacci retracement level of the recent upward move from 2450 to 2630. The price has struggled to break above this level multiple times, indicating strong resistance.
Additionally, the RSI is showing overbought conditions, suggesting that the bullish momentum is weakening. With this combination of technical resistance and waning momentum, the likelihood of a price reversal to the downside increases, making this a suitable point to enter a short position.