Gold to USD (XAU/USD) Analysis - 1-Hour Timeframe
Updated
Key Levels to Watch:
Resistance Levels:
The $2660 level serves as the immediate resistance near the current price.
Higher resistance levels are located at $2680 and $2700, both of which could act as strong barriers.
Support Levels:
The $2640 level is acting as a key support, currently being tested by the price.
If $2640 breaks, the next support lies at $2620, followed by a stronger support level at $2600.
Trend Overview:
A short-term uptrend has been visible since December 23rd, suggesting bullish momentum.
Currently, the price is correcting around the $2640 level, which might provide a good buying opportunity if the support holds.
Trade Idea: Buy Opportunity
If the price respects the $2640 support level and forms bullish reversal candlesticks (e.g., a hammer or bullish engulfing candle), a buy position can be considered.
Targets:
Target 1: $2660
Target 2: $2680
Stop Loss (SL):
Below $2635 (5 dollars below the key support).
Scenario for Support Break:
If the price breaks below $2640 and stabilizes below this level, it might move toward $2620 or even $2600.
In this case, it’s better to wait for a new confirmation before entering a position.
Conclusion: The $2640 support level is crucial in determining the next direction for gold. A proper stop loss and adherence to risk management strategies are essential for navigating this trade effectively.
Trade closed: target reached
Website : mdfxco.com/gold-to-usd-xau-usd-analysis-1-hour-timeframe-1-7-2025/
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