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Gold Spot / U.S. Dollar
Long

Gold buy entry point, 7-8 hours trade MAX.

By mbarbar
Updated
snapshot

Here we have our 3 Moving Averages inside the candlestick, with the Ichimoku convergence line crossing the base line, all while RSI goes from below 50 to over 50. This shows a bullish short-term trend since we are on the hourly chart. Personally opened a buy position at 1738.7, trade duration: 7-8 hours max.

TP1: 1744
TP2: 1749.8
SL: 1734.85

This is my own analysis, please do share your insights.
Note
TP 1 hit. Closed 75% of position, keeping only 25% running as market is volatile.
Trade closed: target reached
TP1 hit, 75% of position closed with 547 pips.
Now SL hit, 25% of position, 385 pips.
• Overall 314 pips profit.
Trade closed: target reached
XAUUSD did touch the TP2 price in just 5 hours as anticipated, however we had our SL hit earlier.
Happy with this trade.
GoldgoldideagoldtradinggoldusdlongTechnical IndicatorsTrend AnalysisXAUUSDxauusdanalysisxauusdlong
mbarbar

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