GOLD MAKE NEW RECORD GOLD WILL BE FLY
This is a technical analysis chart for Gold Spot (XAU/USD) on the 1-hour timeframe from FOREXCOM, displayed using TradingView. The analysis suggests a bullish trend continuation with specific take profit (TP) levels and a defined stop-loss (SL) level.
Key Observations:
1. Current Price: $2,905.78
2. Buy Entry Point: Around $2,906.24
3. Take Profit Levels:
TP1: $2,928.44
TP2: $2,944.22
TP3: $2,975.42
4. Stop Loss: Positioned around $2,876.89 – $2,876.47
5. Trend Analysis:
The price has been in an ascending channel (highlighted in yellow).
A breakout above the recent consolidation suggests a potential continuation of the uptrend.
The blue shaded area represents the buy zone, expecting price action to move towards the take profit levels.
6. Projected Price Movement:
The black arrows indicate potential pullbacks before moving higher.
The price is expected to test TP1, then possibly TP2 and TP3.
Conclusion:
This analysis is bullish on XAU/USD, suggesting buying opportunities with a structured risk-to-reward setup. Traders should watch for confirmation of the breakout and manage risk with the defined stop-loss level.
Key Observations:
1. Current Price: $2,905.78
2. Buy Entry Point: Around $2,906.24
3. Take Profit Levels:
TP1: $2,928.44
TP2: $2,944.22
TP3: $2,975.42
4. Stop Loss: Positioned around $2,876.89 – $2,876.47
5. Trend Analysis:
The price has been in an ascending channel (highlighted in yellow).
A breakout above the recent consolidation suggests a potential continuation of the uptrend.
The blue shaded area represents the buy zone, expecting price action to move towards the take profit levels.
6. Projected Price Movement:
The black arrows indicate potential pullbacks before moving higher.
The price is expected to test TP1, then possibly TP2 and TP3.
Conclusion:
This analysis is bullish on XAU/USD, suggesting buying opportunities with a structured risk-to-reward setup. Traders should watch for confirmation of the breakout and manage risk with the defined stop-loss level.
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