GOLD TRADE SETUP FOR TODAY
This chart displays the price action of XAUUSD (Gold Spot against the US Dollar) on the 15-minute timeframe. Key observations include:
Demand Zone Turned into Supply Zone:
The green highlighted area indicates a previous demand zone that has now transformed into a supply zone. This transition typically occurs when buyers lose momentum, and sellers gain control at that price level.
Support Zone:
The lower white box represents a strong support level where the price bounced multiple times, showing buyer interest and rejection of lower prices.
Trade Setup:
Entry Point: The current price is within the supply zone at $2,648.425.
Target (Take Profit): Highlighted at $2,671.230, indicating the next key resistance level where profit-taking is expected.
Stop Loss: Placed at $2,640.463, below the supply zone, to limit potential losses in case the price moves against the trade.
Price Behavior:
The chart suggests that the price is testing the newly formed supply zone. A breakout or rejection from this area will determine the next trend.
This analysis points toward a bullish move if the price sustains above the supply zone and heads toward the target level. However, a reversal below the stop-loss level may invalidate this setup.
ALWAYS USE STOPLOSS AND TAKE PROFIT AS WELL AS RISK MANAGEMENT FOR YOUR TRADES.
ITS JUST MY ANALYSIS OR PREDICTION LET'S SEE WHAT WILL HAPPEN IF YOU LIKE MY IDEA SO SUPPORT ME AND BOOST TO APPRECIATES.
Demand Zone Turned into Supply Zone:
The green highlighted area indicates a previous demand zone that has now transformed into a supply zone. This transition typically occurs when buyers lose momentum, and sellers gain control at that price level.
Support Zone:
The lower white box represents a strong support level where the price bounced multiple times, showing buyer interest and rejection of lower prices.
Trade Setup:
Entry Point: The current price is within the supply zone at $2,648.425.
Target (Take Profit): Highlighted at $2,671.230, indicating the next key resistance level where profit-taking is expected.
Stop Loss: Placed at $2,640.463, below the supply zone, to limit potential losses in case the price moves against the trade.
Price Behavior:
The chart suggests that the price is testing the newly formed supply zone. A breakout or rejection from this area will determine the next trend.
This analysis points toward a bullish move if the price sustains above the supply zone and heads toward the target level. However, a reversal below the stop-loss level may invalidate this setup.
ALWAYS USE STOPLOSS AND TAKE PROFIT AS WELL AS RISK MANAGEMENT FOR YOUR TRADES.
ITS JUST MY ANALYSIS OR PREDICTION LET'S SEE WHAT WILL HAPPEN IF YOU LIKE MY IDEA SO SUPPORT ME AND BOOST TO APPRECIATES.
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