Trade Analysis - Short Position on XAU/USD - Trendline play
I am currently holding a short position, using the upward trendline as a dynamic stop-loss. Despite some upward pressure, this trendline has yet to be broken, reinforcing my confidence in this setup.
Key observations:
The 4-hour resistance level near 2639.655 has been tested twice on the 1-hour chart but failed to close above it, indicating strong selling pressure at this level.
The current price action suggests a potential continuation to the downside, aligning with my take-profit target near 2605.310.
I will be closing position if a 1 hour candle closes above the trendline
Key observations:
The 4-hour resistance level near 2639.655 has been tested twice on the 1-hour chart but failed to close above it, indicating strong selling pressure at this level.
The current price action suggests a potential continuation to the downside, aligning with my take-profit target near 2605.310.
I will be closing position if a 1 hour candle closes above the trendline
כתב ויתור
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