GOLD: Chart Analysis & Trade Idea

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FEATURED TRADE IDEA

XAU/USD

Gold (XAU/USD) is at an interesting spot. Overall being bullish over the past couple of months, we’ve started to consolidate and see pushback from the sellers. Currently, I am eyeing the 2337 level, which holds significant short term technical importance.

Technical Analysis

• 0.5 Fibonacci Level: This level aligns with the 0.5 Fibonacci retracement, indicating potential support.

• Monthly VWAP: The 2337 level also holds the monthly VWAP, adding further significance.

• Bearish Volume Cluster: A cluster of bearish volume is present at this level, reinforcing the likelihood of a reversal.

Although technical indicators are pointing to a bearish sentiment, remember that gold has overall been in an uptrend. A sell trade at 2337 should be considered a day trade due to gold's bullish trend on higher time frames.

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