Current Trend: The chart shows a recent downtrend, with the gold price falling from levels near $2,630 to around $2,582.
Key Support and Resistance Levels:
Resistance 1: $2,608 - This level has acted as resistance, where the price has tried to break unsuccessfully on several occasions.
Resistance 2: $2,622 - Another higher resistance level, which could be a target if the price breaks the first resistance.
Support 1: $2,587 - This is a recent support level where the price has bounced off.
Support 2: $2,582 - A lower and critical support, which could be an interesting entry point if the price touches it and bounces off.
Technical Indicators:
Trading Strategy:
Support Entry: If the price touches the support at $2,582 and shows signs of bouncing (possibly confirmed by an increase in volume or a bullish candlestick pattern), it could be a good entry point for a long position.
Breakout Entry: If the price breaks above $2,608 with significant volume, it could be an indication of a bullish reversal, making it a good point to enter long.
Stop Loss: Place a stop loss just below the lower support level to limit losses in case of a downside breakout.
Risk Management:
Risk/Reward Ratio: Make sure the potential reward is greater than the risk taken. For example, if your stop loss is at $2,570, your profit target should be above $2,610 for a 1:2 risk/reward ratio.
Key Support and Resistance Levels:
Resistance 1: $2,608 - This level has acted as resistance, where the price has tried to break unsuccessfully on several occasions.
Resistance 2: $2,622 - Another higher resistance level, which could be a target if the price breaks the first resistance.
Support 1: $2,587 - This is a recent support level where the price has bounced off.
Support 2: $2,582 - A lower and critical support, which could be an interesting entry point if the price touches it and bounces off.
Technical Indicators:
Trading Strategy:
Support Entry: If the price touches the support at $2,582 and shows signs of bouncing (possibly confirmed by an increase in volume or a bullish candlestick pattern), it could be a good entry point for a long position.
Breakout Entry: If the price breaks above $2,608 with significant volume, it could be an indication of a bullish reversal, making it a good point to enter long.
Stop Loss: Place a stop loss just below the lower support level to limit losses in case of a downside breakout.
Risk Management:
Risk/Reward Ratio: Make sure the potential reward is greater than the risk taken. For example, if your stop loss is at $2,570, your profit target should be above $2,610 for a 1:2 risk/reward ratio.
Trade active
Note
Note
Trade closed: target reached
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.
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.