"Looking for a Sell Setup Near Key Supply Zone
Gold (XAU/USD) is currently trading at a critical level, and I am anticipating a sell setup near 2624. The zone aligns with a potential short-term resistance level, offering a solid risk-to-reward opportunity.
This setup is supported by a strong bearish rejection at the supply zone, as indicated on the chart. With geopolitical tensions continuing in the Middle East and the U.S. Federal Reserve's uncertain policy outlook, gold's price is showing signs of exhaustion at higher levels.
- [*]Entry: 2624
- Stop Loss: 2630 (Above the recent high to avoid premature stop-outs)
- Target 1: 2610 (Initial support level where price might react)
- Target 2 (Full Target): 2600 (Key round number with historical significance)
This setup is supported by a strong bearish rejection at the supply zone, as indicated on the chart. With geopolitical tensions continuing in the Middle East and the U.S. Federal Reserve's uncertain policy outlook, gold's price is showing signs of exhaustion at higher levels.
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