Gold - Looking to Sell after breaking 2726 (support level)

그저께

Gold appears to be approaching a critical support level around 2726. The current market structure suggests a bearish sentiment, as the price is testing this support multiple times, increasing the likelihood of a breakdown.

📈⚡ Trade Setup
Sell Limit 👇
Entry Price: 2725.45
Stop Loss (SL): 2754.43
Take Profit (TP): 2655.92

Analysis
The chart indicates a simple structure-breakout strategy, suggesting that we wait for a confirmed move below 2726 before entering the sell position. The support level at 2726 is crucial; if broken, it may lead to further downward momentum. A sell entry at 2725.45 is positioned just below this level to capture the downward continuation.

The Stop Loss at 2754.43 is set above recent highs, offering protection against potential retracements. The Take Profit at 2655.92 is a level where price may find new support or consolidation, ensuring a good risk-to-reward ratio.

Summary: Monitor for a decisive break below 2726 before entering the sell position.