Gold (XAU/USD) is currently consolidating within a triangle pattern, which may lead to an impulsive breakout. Based on technical analysis, the best strategy is to set two pending orders to capture movement in either direction:
Buy Stop above 2826 – if the price breaks this level and holds, an upward move is expected.
Sell Stop below 2802 – if the price breaks downward, a further decline could follow.
Technical Analysis:
• Resistance level: 2826 – a breakout above this level could confirm the continuation of the uptrend.
• Support level: 2802 – a breakdown below this level may trigger a downward move.
• Expected scenario: The market is likely to pick a direction after breaking one of these key zones.
Trade Plan:
• Buy Stop → 2826
• Sell Stop → 2802
• Stop-loss placed beyond recent highs/lows.
Important: Watch for volume confirmation and price reaction when testing these levels.
Buy Stop above 2826 – if the price breaks this level and holds, an upward move is expected.
Sell Stop below 2802 – if the price breaks downward, a further decline could follow.
Technical Analysis:
• Resistance level: 2826 – a breakout above this level could confirm the continuation of the uptrend.
• Support level: 2802 – a breakdown below this level may trigger a downward move.
• Expected scenario: The market is likely to pick a direction after breaking one of these key zones.
Trade Plan:
• Buy Stop → 2826
• Sell Stop → 2802
• Stop-loss placed beyond recent highs/lows.
Important: Watch for volume confirmation and price reaction when testing these levels.
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.