Gold (XAUUSD) is now rangebound (2893-2928) round about 350 pips price in range. The consoludations periods will end with a high-pressure move. On the other hand, the US Index is at the support level.
The rangebound market is good for scalpers like price movement in range; they buy from the bottom and sell from the top. But in my view, the market makes 4 times the top and gives them the respect, and 5 times the bottom level. Now wait for the breakout and the confirmations of the breakout.
The possible best setups is following:
Selling Zone: 2922-2928
Stop loss should be above 2932
Take Profit Level: 2917, 2908 and 2890
The buying level should be 2896-2892
Stop loss; 2886
Take profit levels: 2905, 2916, and 2928.
Keep in mind;
The market price changed every second, and do follow the analysis with your own risk and take 1% of the account.
The rangebound market is good for scalpers like price movement in range; they buy from the bottom and sell from the top. But in my view, the market makes 4 times the top and gives them the respect, and 5 times the bottom level. Now wait for the breakout and the confirmations of the breakout.
The possible best setups is following:
Selling Zone: 2922-2928
Stop loss should be above 2932
Take Profit Level: 2917, 2908 and 2890
The buying level should be 2896-2892
Stop loss; 2886
Take profit levels: 2905, 2916, and 2928.
Keep in mind;
The market price changed every second, and do follow the analysis with your own risk and take 1% of the account.
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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.