XAU/USD LONG 19 JULY 2024
Based on the Gold chart, I am entering a buy position:
1. Support Zone: The price has reached a significant support zone around 2415, as indicated by the blue horizontal area. This support level has previously acted as a strong buying area.
2. Downtrend Channel: The price is currently at the lower boundary of a downward channel. A bounce from this lower boundary is a typical occurrence, indicating a potential move back up towards the upper boundary.
3. Risk-Reward Ratio: The risk-reward ratio is favorable with clear targets (TP 1, TP 2, and TP 3) set above the current price level, indicating potential for significant upside if the price reverses from this support zone.
NB: If the TP zones act as resistance a short setup may occur
Utilize proper risk management
1. Support Zone: The price has reached a significant support zone around 2415, as indicated by the blue horizontal area. This support level has previously acted as a strong buying area.
2. Downtrend Channel: The price is currently at the lower boundary of a downward channel. A bounce from this lower boundary is a typical occurrence, indicating a potential move back up towards the upper boundary.
3. Risk-Reward Ratio: The risk-reward ratio is favorable with clear targets (TP 1, TP 2, and TP 3) set above the current price level, indicating potential for significant upside if the price reverses from this support zone.
NB: If the TP zones act as resistance a short setup may occur
Utilize proper risk management
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