Based on the charts you’ve provided, here’s a detailed trade idea using technical and fundamental analysis:
Analysis Summary:
• Technical Indicators:
• The daily, 15-minute, and 3-minute charts show a clear uptrend with higher highs and higher lows.
• MACD: All charts exhibit bullish momentum. On the daily, the MACD lines are well above the signal, confirming strong buying pressure.
• RSI: Daily RSI is near 72, indicating overbought conditions, but it hasn’t shown divergence or reversal signs yet. The 15-minute and 3-minute charts also show bullish readings.
• Key Resistance: Price is testing the 2825 zone, which might act as a psychological resistance.
• Trend Continuation: Given the bullish momentum across timeframes, a continuation to higher price levels is more likely.
• Fundamental Analysis:
• Gold prices are supported by possible macroeconomic uncertainties, demand for safe-haven assets, and central bank policies likely keeping interest rates stable or dovish.
• Inflation data and USD strength/weakness should be monitored.
Trade Idea (Long Position):
• Entry: 2828
• Stop Loss (SL): 2808
• Take Profit (TP): 2868
This setup gives a 2:1 Risk-Reward Ratio (RRR). The trade idea aligns with bullish market sentiment and technical confirmation, though caution is advised at the 2825 resistance level.
Analysis Summary:
• Technical Indicators:
• The daily, 15-minute, and 3-minute charts show a clear uptrend with higher highs and higher lows.
• MACD: All charts exhibit bullish momentum. On the daily, the MACD lines are well above the signal, confirming strong buying pressure.
• RSI: Daily RSI is near 72, indicating overbought conditions, but it hasn’t shown divergence or reversal signs yet. The 15-minute and 3-minute charts also show bullish readings.
• Key Resistance: Price is testing the 2825 zone, which might act as a psychological resistance.
• Trend Continuation: Given the bullish momentum across timeframes, a continuation to higher price levels is more likely.
• Fundamental Analysis:
• Gold prices are supported by possible macroeconomic uncertainties, demand for safe-haven assets, and central bank policies likely keeping interest rates stable or dovish.
• Inflation data and USD strength/weakness should be monitored.
Trade Idea (Long Position):
• Entry: 2828
• Stop Loss (SL): 2808
• Take Profit (TP): 2868
This setup gives a 2:1 Risk-Reward Ratio (RRR). The trade idea aligns with bullish market sentiment and technical confirmation, though caution is advised at the 2825 resistance level.
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.