From TradingView · · 1m
Gold setup points lower after 2H break
A TradingView idea sees XAUUSD staying bearish, but waits for a pullback near 4350 before any sell entry.
In brief
A TradingView idea sees XAUUSD staying bearish, but waits for a pullback near 4350 before any sell entry. The bearish idea depends on patience, wait for a correction near 4350 instead of chasing the breakdown. Originally reported by TradingView.
Gold is trending down
The setup starts with XAUUSD already making lower highs and lower lows on the 2H chart, a basic sign that sellers still control the move.
“Gold has been in a bearish trend, creating LH & LL.”
A key low broke
Price has now broken the most recent lower low. That break is the signal behind the bearish continuation idea.
“there's been a breakout of the last LL”
Momentum may continue
With the last low taken out, the view is that gold could keep pressing lower instead of reversing right away.
“price might keep pushing down”
Do not chase it
The plan is not to sell immediately after the break. The author wants a correction first, so the entry is less stretched.
“it's good to wait for the correction”
Watch 4350
The preferred sell area is around the psychological 4350 level, where a pullback could offer the next bearish entry.
“around a phycological level 4350 before executing the SELL”
The short version
The bearish idea depends on patience, wait for a correction near 4350 instead of chasing the breakdown.
