The XAU/USD pair on the H1 timeframe presents a potential selling opportunity due to a recent formation of well-defined Channel pattern. This suggests a shift in momentum towards the downside in the coming Hours. XAUUSD
Key Points:
Sell Entry: Consider entering a short position around the current price of 2357, positioned close to the breakout level. This offers an entry point near the perceived shift in momentum.
Target Levels: 1st Support – 2328 2nd Support – 2309
Stop-Loss: To manage risk, place a stop-loss order above 2370. This helps limit potential losses if the price unexpectedly reverses and breaks back upwards.