$XAUT Gold pumped to $4,123 and got slapped down hard, I think sellers are back in control at $4,062
Live Bybit: $4,080.02 | Entry on my watch $4,082.46 | Short PnL +1.47% on 25X
I am watching this one closely. XAUT ran up to $4,123.64 local high and could not hold it. Now it is sitting around $4,062 to $4,080 and getting rejected under EMA200 on 12h. That is not strength, that is a lower high forming.
For me $4,023 is the first line that matters. That was a small support before the last bounce. If we close 12h below $4,023 and then fail to get it back on retest, I start looking down. Next zone is $3,950 to $3,899, then $3,872 swing low, then big target $3,800. That is around 6.5% down from $4,062, so the short has room if it plays out.
But I am not blindly shorting here. Price will not fall in a straight line, there will be relief bounces. I need to see real selling, not just one red candle. I want sellers to prove they can hold this area.
My supply zone is $4,123 to $4,142. That is the top. If we close 12h above $4,142, my bearish idea is wrong and I am out. I am interested in selling weakness near those highs, I do not need to catch the exact top. I would rather miss the first part of the drop than enter too early and watch resistance break in my face.
Right now I am giving XAUT time. If $4,000 flips back to resistance, then the downside targets become much more interesting for me.
My plan, short the retest near $4,082 to $4,123, stop above $4,142, targets $4,023 then $3,950 then $3,872 then $3,800 runner. Risk 1 to 2% only. No long at $4,080 middle.
Be honest, do you see gold holding $4,023 or breaking down to $3,800?
Comment SHORT if you think $4,023 breaks, LONG if you think $4,142 breaks.
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$XAUT to trade this gold rejection
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