Delving into XAUUSD, I’ve identified a prime opportunity for a SHORT position. Gold is currently facing resistance at a key technical level, with the formation of a bearish engulfing pattern indicating a potential reversal from recent highs. This technical setup is further supported by an overbought RSI and bearish divergences on the MACD, suggesting that momentum could be shifting towards the downside.
The broader economic context adds weight to this bearish outlook. With the US Dollar strengthening amid rising interest rates and inflationary pressures beginning to stabilize, gold's appeal as a safe-haven asset may diminish, leading to a pullback in prices.
Strategically planning this SHORT trade involves careful entry point selection to capitalize on the anticipated decline, complemented by defined targets and stop-losses to ensure risk management. This approach aims to leverage the expected correction in gold prices, providing a structured path to potential profitability
The broader economic context adds weight to this bearish outlook. With the US Dollar strengthening amid rising interest rates and inflationary pressures beginning to stabilize, gold's appeal as a safe-haven asset may diminish, leading to a pullback in prices.
Strategically planning this SHORT trade involves careful entry point selection to capitalize on the anticipated decline, complemented by defined targets and stop-losses to ensure risk management. This approach aims to leverage the expected correction in gold prices, providing a structured path to potential profitability
Trade closed manually
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