XAUUSD 12 September 2024
**Market Overview:**
- **1D Chart**: The price is around **$2,513.65**, in a range, and it’s approaching a minor resistance zone near **$2,518-$2,520**.
- **1H Chart**: There’s a support level at **$2,510** based on recent fractal lows and possible accumulation.
**Trade Setup**:
**Order Type**:
- **Buy Limit**: If the price retraces back to the **$2,510** support zone.
- **Market Execution Buy**: If the price stays above **$2,513** and starts to break above **$2,518** (showing momentum).
**Entry Price**:
- **$2,510.00** (if the price dips back to this level for a low-risk entry)
- **$2,518.00** (for market execution if it breaks above the resistance)
**Stop Loss**:
- **$2,505.00** (a safe buffer just below the recent support/fractal low at **$2,510**).
**Take Profit**:
- **$2,530.00**: A high liquidity zone where price tends to react, also near previous resistance levels, providing a reasonable risk/reward ratio.
**Risk-to-Reward Ratio**:
- **Risk**: $5 per ounce
- **Reward**: $20 per ounce (from $2,510 to $2,530)
- **Risk-to-Reward Ratio**: **4:1**
**Trailing Stop Strategy**:
1. **Initial Stop Loss**: Place the stop at **$2,505**.
2. **Move to Break-Even**: If the price moves above **$2,520**, adjust the stop to **$2,510** (break-even).
3. **Trail Stop**: If the price hits **$2,525**, adjust the stop to **$2,518** to lock in profits.
**Idea Recommendation**:
- **Primary Trade**: Buy limit around **$2,510.00** with a stop loss at **$2,505.00** and take profit at **$2,530.00**.
- **Alternative**: If the price breaks above **$2,518**, you can execute a market buy with the same stop-loss strategy.
- **1D Chart**: The price is around **$2,513.65**, in a range, and it’s approaching a minor resistance zone near **$2,518-$2,520**.
- **1H Chart**: There’s a support level at **$2,510** based on recent fractal lows and possible accumulation.
**Trade Setup**:
**Order Type**:
- **Buy Limit**: If the price retraces back to the **$2,510** support zone.
- **Market Execution Buy**: If the price stays above **$2,513** and starts to break above **$2,518** (showing momentum).
**Entry Price**:
- **$2,510.00** (if the price dips back to this level for a low-risk entry)
- **$2,518.00** (for market execution if it breaks above the resistance)
**Stop Loss**:
- **$2,505.00** (a safe buffer just below the recent support/fractal low at **$2,510**).
**Take Profit**:
- **$2,530.00**: A high liquidity zone where price tends to react, also near previous resistance levels, providing a reasonable risk/reward ratio.
**Risk-to-Reward Ratio**:
- **Risk**: $5 per ounce
- **Reward**: $20 per ounce (from $2,510 to $2,530)
- **Risk-to-Reward Ratio**: **4:1**
**Trailing Stop Strategy**:
1. **Initial Stop Loss**: Place the stop at **$2,505**.
2. **Move to Break-Even**: If the price moves above **$2,520**, adjust the stop to **$2,510** (break-even).
3. **Trail Stop**: If the price hits **$2,525**, adjust the stop to **$2,518** to lock in profits.
**Idea Recommendation**:
- **Primary Trade**: Buy limit around **$2,510.00** with a stop loss at **$2,505.00** and take profit at **$2,530.00**.
- **Alternative**: If the price breaks above **$2,518**, you can execute a market buy with the same stop-loss strategy.
Trade closed: target reached
Target price reached.
There are no new opportunities for our trading style yet. Gold keeps making new ATHs!
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.