XAUUSD (Gold) shows a bullish breakout setup with a clear target above 3,000. Here's the breakdown:
- *Breakout Area*: The chart highlights a breakout above a key resistance zone, with a potential move towards the strong target of *3,000*. This could indicate a bullish trend continuation.
- *Support and Resistance*: The chart also highlights support levels around *2,920* and *2,895* with a strong resistance zone near the *3,000* level. The price is currently trading just below the upper resistance level, which suggests a strong potential for upside once this resistance breaks.
- *BOS (Break of Structure)*: The green dashed lines represent the breaks in structure, showing where the price may have previously reversed or formed key turning points, further validating the breakout.
- *Choch (Change of Character)*: This area signals a shift in market structure where the price action shows signs of bullish strength, increasing the likelihood of reaching the next target.
Strategy:
- *Buying*: Traders can consider entering a buy position once the breakout occurs above *2,950* with an initial target around *3,000*.
- *Stop Loss*: A prudent stop loss could be set around *2,890* or the recent support zone, protecting against a price reversal.
In summary, this setup suggests strong bullish momentum with a break above the key resistance area, targeting *3,000* as the next significant level. As always, it's crucial to use proper risk management with any trade.
- *Breakout Area*: The chart highlights a breakout above a key resistance zone, with a potential move towards the strong target of *3,000*. This could indicate a bullish trend continuation.
- *Support and Resistance*: The chart also highlights support levels around *2,920* and *2,895* with a strong resistance zone near the *3,000* level. The price is currently trading just below the upper resistance level, which suggests a strong potential for upside once this resistance breaks.
- *BOS (Break of Structure)*: The green dashed lines represent the breaks in structure, showing where the price may have previously reversed or formed key turning points, further validating the breakout.
- *Choch (Change of Character)*: This area signals a shift in market structure where the price action shows signs of bullish strength, increasing the likelihood of reaching the next target.
Strategy:
- *Buying*: Traders can consider entering a buy position once the breakout occurs above *2,950* with an initial target around *3,000*.
- *Stop Loss*: A prudent stop loss could be set around *2,890* or the recent support zone, protecting against a price reversal.
In summary, this setup suggests strong bullish momentum with a break above the key resistance area, targeting *3,000* as the next significant level. As always, it's crucial to use proper risk management with any trade.
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Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.