Gold short swing idea

4 thg 4, 2024

Recently, XAUUSD broke its previous high, reaching $2,304, its highest point. From a technical analysis perspective, a healthy correction seems likely, which could create ample room for future growth. Gold has been following an upward trend within a channel marked by blue dots and has just touched the upper boundary(line) of this channel. I believe there's a good risk-reward opportunity if the price experiences a significant pullback towards the channel's lower line.

However, if the price surpasses the channel's upper line with a full-body candle, the analysis would become invalid.

I would personally wait for the 4-hour structure to shift before considering entering a short-swing position.

*Please note that the information provided is not intended as financial advice. It is purely an idea or suggestion for informational purposes. It's important to conduct thorough research and consult a qualified financial advisor before making investment decisions.*