Mobarok Hossain
April 25, 2024
Overview Spot Gold (XAU/USD) has encountered heavy resistance at the upper boundary of its rising wedge pattern, forming a distinct double top (DT) and shifting market structure downward. The pullback toward the Quasimodo Level (QML) presents a high-probability short trade targeting lower structural support zones.
Sell Order Entry: 4,196.41
Stop Loss (SL): 4,211.67 (152.6 Pips risk above wedge resistance)
Target 1 (TP1): 4,176.93 — +194.8 Pips
Target 2 (TP2): 4,157.61 — +388.0 Pips
Target 3 (TP3): 4,143.48 — +529.3 Pips (Confluence with H4 50% Fib Correction & 30m Buy Zone)
Rising Wedge Exhaustion: The pattern highlighted an impending loss of bullish momentum as price swept top-side liquidity into 4,215.
QML & MSS Alignment: A structural breakdown (MSS) followed by a retest of the QML supply block at 4,196.41 validates institutional selling interest.
Downside Demand Objectives: TP3 at 4,143.48 rests immediately above the key 30-minute demand block (4,135 – 4,143) and 50% H4 Fibonacci retracement level.
Traders should consider locking in partial gains and moving stop losses to breakeven once TP1 (4,176.93) is achieved.
Disclaimer: This analysis is provided for educational purposes only and does not constitute financial advice.
