Technical Analysis on XAU/USD: Trade in Ascending Channel
Hi Trader ! 😎 I'm analyzing gold on the 1-hour time frame, and it appears to be forming an ascending channel. My entry is at $2,627🚀, aligned with the lower part of the channel, providing a solid dynamic support point. I'm using the VIP Scalping Oscillator📈 , which is showing some bullish strength in green, and the RSI is at 52.55, slightly in the neutral zone but indicating a potential rebound.
My idea is to target a continuation within the channel towards the upper part, aiming for around $2,653. 🤑 My stop is clearly defined in case the price breaks the channel's support, roughly at $2,596.🛑 This trade offers a good risk-reward ratio, assuming the price respects the channel.
For now, I'll monitor the price action within this structure. If the RSI approaches overbought levels or the oscillator loses strength, I might adjust my target or exit earlier
⚠️Disclaimer:
This analysis is for educational and informational purposes only. It does not constitute financial advice or a recommendation to trade. All trading in financial markets carries significant risks, and it is the responsibility of each trader to assess their decisions based on their risk profile. Trade cautiously
My idea is to target a continuation within the channel towards the upper part, aiming for around $2,653. 🤑 My stop is clearly defined in case the price breaks the channel's support, roughly at $2,596.🛑 This trade offers a good risk-reward ratio, assuming the price respects the channel.
For now, I'll monitor the price action within this structure. If the RSI approaches overbought levels or the oscillator loses strength, I might adjust my target or exit earlier
⚠️Disclaimer:
This analysis is for educational and informational purposes only. It does not constitute financial advice or a recommendation to trade. All trading in financial markets carries significant risks, and it is the responsibility of each trader to assess their decisions based on their risk profile. Trade cautiously
Trade closed: target reached
Goal achieved 
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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.
Get Access To The Worlds Most Profitable Trading Indicators here: tinyurl.com/4d3389mc
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.