Based on the current Gold (XAU/USD) price of $2,793, let's analyze potential trading setups on the 15-minute (M15), 1-hour (1H), and 4-hour (4H) timeframes, incorporating technical indicators such as Engulfing patterns, Exponential Moving Averages (EMA), Fibonacci retracement levels, and Support and Resistance (S&R) levels.
15-Minute Chart (M15):
Buy Setup:
Entry Price: If the price retraces to the Fibonacci 38.2% level of the recent upward move, around $2,785, and shows a Bullish Engulfing pattern.
Stop Loss (SL): Place SL below the recent swing low or support level, e.g., $2,780.
Take Profit (TP): Aim for the next resistance level or the Fibonacci 61.8% extension, approximately $2,800.
Sell Setup:
Entry Price: If the price reaches the Fibonacci 61.8% retracement level of the recent downward move, around $2,800, and forms a Bearish Engulfing pattern.
Stop Loss (SL): Set SL above the recent swing high or resistance level, e.g., $2,805.
Take Profit (TP): Target the next support level or the Fibonacci 38.2% extension, approximately $2,785.
1-Hour Chart (1H):
Buy Setup:
Entry Price: Look for a retracement to the Fibonacci 38.2% level of the recent upward trend, around $2,770, accompanied by a Bullish Engulfing pattern.
Stop Loss (SL): Place SL below the significant support level or recent swing low, e.g., $2,760.
Take Profit (TP): Aim for the next key resistance level or the Fibonacci 61.8% extension, approximately $2,820.
Sell Setup:
Entry Price: If the price ascends to the Fibonacci 61.8% retracement level of the recent downward trend, around $2,820, and exhibits a Bearish Engulfing pattern.
Stop Loss (SL): Set SL above the recent swing high or resistance level, e.g., $2,830.
Take Profit (TP): Target the next support level or the Fibonacci 38.2% extension, approximately $2,770.
4-Hour Chart (4H):
Buy Setup:
Entry Price: Anticipate a pullback to the Fibonacci 38.2% retracement level of the broader upward movement, around $2,750, confirmed by a Bullish Engulfing pattern.
Stop Loss (SL): Place SL below a major support level or the recent swing low, e.g., $2,730.
Take Profit (TP): Aim for the next significant resistance level or the Fibonacci 61.8% extension, approximately $2,850.
Sell Setup:
Entry Price: If the price rises to the Fibonacci 61.8% retracement level of the recent downward movement, around $2,850, and forms a Bearish Engulfing pattern.
Stop Loss (SL): Set SL above the recent swing high or key resistance level, e.g., $2,870.
Take Profit (TP): Target the next support level or the Fibonacci 38.2% extension, approximately $2,750.
15-Minute Chart (M15):
Buy Setup:
Entry Price: If the price retraces to the Fibonacci 38.2% level of the recent upward move, around $2,785, and shows a Bullish Engulfing pattern.
Stop Loss (SL): Place SL below the recent swing low or support level, e.g., $2,780.
Take Profit (TP): Aim for the next resistance level or the Fibonacci 61.8% extension, approximately $2,800.
Sell Setup:
Entry Price: If the price reaches the Fibonacci 61.8% retracement level of the recent downward move, around $2,800, and forms a Bearish Engulfing pattern.
Stop Loss (SL): Set SL above the recent swing high or resistance level, e.g., $2,805.
Take Profit (TP): Target the next support level or the Fibonacci 38.2% extension, approximately $2,785.
1-Hour Chart (1H):
Buy Setup:
Entry Price: Look for a retracement to the Fibonacci 38.2% level of the recent upward trend, around $2,770, accompanied by a Bullish Engulfing pattern.
Stop Loss (SL): Place SL below the significant support level or recent swing low, e.g., $2,760.
Take Profit (TP): Aim for the next key resistance level or the Fibonacci 61.8% extension, approximately $2,820.
Sell Setup:
Entry Price: If the price ascends to the Fibonacci 61.8% retracement level of the recent downward trend, around $2,820, and exhibits a Bearish Engulfing pattern.
Stop Loss (SL): Set SL above the recent swing high or resistance level, e.g., $2,830.
Take Profit (TP): Target the next support level or the Fibonacci 38.2% extension, approximately $2,770.
4-Hour Chart (4H):
Buy Setup:
Entry Price: Anticipate a pullback to the Fibonacci 38.2% retracement level of the broader upward movement, around $2,750, confirmed by a Bullish Engulfing pattern.
Stop Loss (SL): Place SL below a major support level or the recent swing low, e.g., $2,730.
Take Profit (TP): Aim for the next significant resistance level or the Fibonacci 61.8% extension, approximately $2,850.
Sell Setup:
Entry Price: If the price rises to the Fibonacci 61.8% retracement level of the recent downward movement, around $2,850, and forms a Bearish Engulfing pattern.
Stop Loss (SL): Set SL above the recent swing high or key resistance level, e.g., $2,870.
Take Profit (TP): Target the next support level or the Fibonacci 38.2% extension, approximately $2,750.
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.