GOLD ALERT WITH BINSALMANFUNDS
Updated
Support and Resistance Levels: You've correctly identified the support at 2760 and resistance at 2780. These levels act as critical decision points in your trading strategy, helping you anticipate potential price movements.
Entry Point and Targets: Your entry at 2774 places you strategically between the support and resistance. If the price breaks down through 2760, it could signal a selling opportunity. Conversely, if it breaks above 2780, you should consider entering a buy position.
Risk Management: Setting a stop-loss order is essential. This protects your capital in case the market moves against your position. For example, placing a stop-loss just above 2780 for a sell position can help minimize losses.
Market Conditions: Always stay updated on market news and trends, as they can significantly impact price movements. Economic indicators and major announcements can lead to volatility that might affect your targets.
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