I am looking at a high-probability short setup on Gold Futures (Daily Timeframe) as price action moves into a critical resistance cluster. We are seeing a "Triple Confluence" at the current level, suggesting the bullish retracement is losing steam.
The 3 Key Confluences:
a. Daily Trendline: Price is rejecting off the descending trendline that has respected the bearish structure since the highs.
b. 50% Fibonacci Retracement: The current rally has stalled exactly at the 0.5 retracement level of the previous impulsive drop.
c. Key Structural Zone: We are testing a major horizontal resistance zone ("Important Zone") that previously acted as support.
The Trade Plan:
Bias: Short/Bearish
Risk/Reward: The setup offers an excellent R:R ratio (>1:2).
Stop Loss: Placed strictly above the trendline and resistance cluster to invalidate the thesis.
Target: Looking for a move back down toward recent swing lows liquidity zones.
The 3 Key Confluences:
a. Daily Trendline: Price is rejecting off the descending trendline that has respected the bearish structure since the highs.
b. 50% Fibonacci Retracement: The current rally has stalled exactly at the 0.5 retracement level of the previous impulsive drop.
c. Key Structural Zone: We are testing a major horizontal resistance zone ("Important Zone") that previously acted as support.
The Trade Plan:
Bias: Short/Bearish
Risk/Reward: The setup offers an excellent R:R ratio (>1:2).
Stop Loss: Placed strictly above the trendline and resistance cluster to invalidate the thesis.
Target: Looking for a move back down toward recent swing lows liquidity zones.
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