XAUUSD XAUUSD on the daily timeframe has formed a classic cup and handle pattern, which is a bullish continuation pattern. The price has broken above the resistance level around $2,465, indicating a potential move higher.
Trading Idea:
Bullish Scenario:
Entry Point: Consider entering a long position if the price sustains above the breakout level of $2,465.
Targets:First target at $2,500.Second target at $2,550 if bullish momentum continues.
Stop Loss: Place a stop loss below the breakout level, around $2,450, to manage risk.
Pattern Confirmation: The cup and handle pattern suggests a bullish trend continuation. A successful breakout and retest around the $2,465 level could confirm the pattern, providing a strong buying signal.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.