Buy opportunity
Signal: Buy
Instrument: Gold CFDs (XAU/USD)
Entry Price: $2,669.86 (current level or slightly better after confirmation)
Stop Loss: $2,651.20 (below recent support and trendline)
Take Profit: $2,791.20 (based on the target zone marked in the chart)
Risk-Reward Ratio: Approximately 1:6
Technical Analysis:
Trendline Breakout: The price has retraced to test a descending trendline as support, which was previously a resistance.
Support Zone: Visible support at $2,659 - $2,651 aligns with historical levels and the current price structure.
Momentum Indicator (SQZMOM_LB): Transitioning from negative (red) to positive (green), indicating bullish momentum is building.
Volume Profile: High volume nodes below current levels suggest strong support.
Instrument: Gold CFDs (XAU/USD)
Entry Price: $2,669.86 (current level or slightly better after confirmation)
Stop Loss: $2,651.20 (below recent support and trendline)
Take Profit: $2,791.20 (based on the target zone marked in the chart)
Risk-Reward Ratio: Approximately 1:6
Technical Analysis:
Trendline Breakout: The price has retraced to test a descending trendline as support, which was previously a resistance.
Support Zone: Visible support at $2,659 - $2,651 aligns with historical levels and the current price structure.
Momentum Indicator (SQZMOM_LB): Transitioning from negative (red) to positive (green), indicating bullish momentum is building.
Volume Profile: High volume nodes below current levels suggest strong support.
GODO Capital Markets
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