In this trade, we identified a downtrend breakout on Gold (XAU/USD) using the 1-hour chart. A descending trendline was broken, signaling a shift in momentum. After price retested a key support zone around $3,023.75, buyers stepped in, confirming the breakout.
A long position was taken with a stop loss below the recent lows, ensuring a safe risk-to-reward ratio. The trade played out beautifully, with strong bullish momentum pushing the price towards our take profit (TP) level at $3,057.37.
This setup highlights the power of trendline breaks and retests, offering high-probability entries for traders. With gold showing strength, we’ll watch for further bullish continuation or potential pullbacks for new opportunities.
📊 Key Takeaways:
✔ Trendline breakout confirmed by retest
✔ Strong bullish momentum
✔ TP hit successfully for solid profits
#Gold #XAUUSD #ForexTrading #BreakoutStrategy #TradingSuccess
A long position was taken with a stop loss below the recent lows, ensuring a safe risk-to-reward ratio. The trade played out beautifully, with strong bullish momentum pushing the price towards our take profit (TP) level at $3,057.37.
This setup highlights the power of trendline breaks and retests, offering high-probability entries for traders. With gold showing strength, we’ll watch for further bullish continuation or potential pullbacks for new opportunities.
📊 Key Takeaways:
✔ Trendline breakout confirmed by retest
✔ Strong bullish momentum
✔ TP hit successfully for solid profits
#Gold #XAUUSD #ForexTrading #BreakoutStrategy #TradingSuccess
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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.