XAUUSD Analysis
Profit-Taking Drives Price Correction
Although Gold remains in an overall uptrend after recently hitting an all-time high, a correction has occurred as market participants engage in profit-taking. The Russia-Ukraine peace prospects remain a key issue being closely monitored.
Head and Shoulders Pattern Still Visible
The Head and Shoulders pattern is still apparent on the H1 timeframe. A sell opportunity can be considered around the neckline area.
Market Outlook: WEAK XAUUSD
Trade Plan:
- SELL AREA: 2930.64 – 2921.78
- STOP LOSS: 2957.24
- TAKE PROFIT TARGETS:
- TP1: 2897.75
- TP2: 2867.59
- TP3: 2838.01
Use proper risk management and monitor price action closely. Stay alert for potential fake breakouts around key levels.
Good luck with your trades! 🚀