Analysis:
1. Technical Analysis:
• Daily Chart:
A strong bullish trend with higher highs and higher lows. RSI above 70 indicates overbought levels, but momentum remains intact. The MACD shows bullish momentum.
• 15-Minute Chart:
Clear bullish structure with a potential consolidation phase forming. MACD indicates bullish crossover while RSI remains neutral around 51.
• 3-Minute Chart:
Minor pullbacks visible, but the structure remains bullish with price trending above key moving averages.
2. Fundamental Analysis:
• Recent market sentiment suggests safe-haven demand for gold due to potential economic uncertainty.
• USD remains vulnerable amid Federal Reserve dovish tones.
Trade Idea: Long Position
Entry:
2865 (current minor support level)
Stop Loss (SL):
2850 (15 points below entry)
Take Profit (TP):
2895 (2:1 RRR, 30 points above entry)
This setup offers a strong likelihood of success given the continuation of the current bullish trend and market conditions supporting gold prices.
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.