Gold buys!!!
**Trade Analysis for XAU/USD (Gold Spot/US Dollar)**
**Timeframe:** 4-hour chart
**Overview:** The chart shows a retracement and potential continuation of an upward trend in the XAU/USD pair.
1. **Current Price Levels:**
- **Current Price:** 2,393.211
- **Ask:** 2,361.100
- **Bid:** 2,360.720
2. **Key Levels:**
- **Resistance Level:** Around 2,393.211 (recent high)
- **Support Levels:**
- 0.618 Fibonacci retracement level at 2,355.370
- 0.5 Fibonacci retracement level at 2,343.655
- 0.382 Fibonacci retracement level at 2,331.941
3. **Indicators:**
- The price has retraced to the 0.618 Fibonacci level at 2,355.370, which often acts as strong support in an uptrend.
- The Moving Averages (MA) suggest a bullish crossover, indicating potential further upward momentum.
4. **Trade Setup:**
- **Entry Point:** Consider entering around the 0.618 Fibonacci retracement level at 2,355.370.
- **Stop Loss:** Set a stop loss below the 0.618 Fibonacci level, around 2,343.703, to protect against downside risk.
- **Take Profit:** Target the recent high of 2,393.211 and beyond, depending on further price action and confirmation.
5. **Risk Management:**
- Ensure the position size is appropriate to your account balance and risk tolerance.
- Regularly monitor the trade and adjust the stop loss to breakeven once the price moves in your favor.
**Conclusion:** The XAU/USD pair is showing signs of bullish continuation after a retracement to the key Fibonacci level. A long position around the 0.618 retracement level with proper risk management could yield favorable results.
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Feel free to adjust this analysis based on your specific trading strategy and risk appetite.
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