Gold Next Move | 1h Time Frame
Market Overview: In our view, XAU/USD will likely start the week on a positive note, heading for resistance at 2758. Price action for the pair on the 1-hour timeframe shows a Break of Structure (BOS), which depicts a strong bull in the market.
Trade Strategy:
Entry Point:
Consider buying the market as soon as it opens as close to the present price level as can be, plus any pullbacks to confirm the uptrend.
Target Level:
Target 2758. Do not go into this level blindly, as you may get turned around if the price action shows a reversal at this level.
Post-Target Action:
Bear in mind that when the target of 2758 is hit, your bias should be for a sell position. Looking for a shift in market sentiment should provide a good entry for short trades post hitting the target.
Tips for Execution:
Confirmation: Enter your long positions after making use of such technicals as RSI and MACD that exhibit the buying pressure.
Risk Management: Implement stop-loss in orders below the last three recent swing highs in order to guard against opposition price movements.
Market Sentiment: Always be aware of economic events and geopolitical news that may affect the prices of gold and alter your strategy.
Review and Adjust: Do not open a sell position immediately after hitting the target. Wait for the utterly bullish markets to subside first.
Trade Strategy:
Entry Point:
Consider buying the market as soon as it opens as close to the present price level as can be, plus any pullbacks to confirm the uptrend.
Target Level:
Target 2758. Do not go into this level blindly, as you may get turned around if the price action shows a reversal at this level.
Post-Target Action:
Bear in mind that when the target of 2758 is hit, your bias should be for a sell position. Looking for a shift in market sentiment should provide a good entry for short trades post hitting the target.
Tips for Execution:
Confirmation: Enter your long positions after making use of such technicals as RSI and MACD that exhibit the buying pressure.
Risk Management: Implement stop-loss in orders below the last three recent swing highs in order to guard against opposition price movements.
Market Sentiment: Always be aware of economic events and geopolitical news that may affect the prices of gold and alter your strategy.
Review and Adjust: Do not open a sell position immediately after hitting the target. Wait for the utterly bullish markets to subside first.
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