I'm closely watching XAU/USD on the 1-hour chart. My plan is to wait for a potential retracement back to the $2665 level, possibly even as low as $2655, which I've marked as my buy zone. If price reacts positively in this area, I'll be looking for a long position aiming for the $2700 target.
The buy zone aligns with key Fibonacci retracement levels (50% and 61.8%), offering a strong confluence for a bullish setup. If price fails to hold the $2655 support, I'll reconsider my entry approach. For now, my focus is on this retracement before catching the next bullish leg.
Key levels:
- **Buy Zone:** $2665 to $2655
- **Stop Loss:** Below $2649.517
- **Take Profit:** $2700
This setup matches my strategy of entering high-probability trades with strong confluence and a favorable risk-to-reward ratio. Waiting for price action confirmation before entry.
The buy zone aligns with key Fibonacci retracement levels (50% and 61.8%), offering a strong confluence for a bullish setup. If price fails to hold the $2655 support, I'll reconsider my entry approach. For now, my focus is on this retracement before catching the next bullish leg.
Key levels:
- **Buy Zone:** $2665 to $2655
- **Stop Loss:** Below $2649.517
- **Take Profit:** $2700
This setup matches my strategy of entering high-probability trades with strong confluence and a favorable risk-to-reward ratio. Waiting for price action confirmation before entry.
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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.