Gold Price Forecast | Short-Term Resistance and Entry Points | Forex
Discover trading strategies for XAUUSD in a short-term downtrend. Analyze key resistance zones at 2600–2594 and 2631–2623, liquidity areas at 2595, and learn when to execute short trades for maximum profit.
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1. XAUUSD Strategy | Trading Corrections in a Downtrend | Key zones - Gold
Gold is currently trading within a correction phase while maintaining a short-term downtrend. Today, the price tested a key resistance zone between 2600 and 2594, presenting potential opportunities for short trades.
Key Trading Insights:
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First Scenario: If the price respects the resistance at 2600 - 2594, traders can consider entering short positions. The initial target would be 2568, with a secondary target near 2536 for extended profit opportunities.
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Second Scenario: If the price pierces the resistance at 2600 - 2594 and continues upward, the correction may extend toward the resistance zone at 2631 - 2623, which marks the short-term downtrend's boundary. This zone offers another chance for short trades.
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Market Structure Focus: Wait for the price to close below 2580 before entering a trade. Be mindful of liquidity still present around 2595, and remain patient for the optimal entry.
By focusing on strong market structures and key zones, traders can maximize their chances of executing profitable trades. Always manage risk effectively and adapt to changing market conditions.
