XAUUSD BUY NOW ENJOY GUYS
Analysis Description for XAU/USD (Gold Spot vs. USD)
Current Market Structure:
The market is in an upward trend within a defined ascending channel. Price action respects the channel boundaries, indicating bullish momentum.
Key Levels:
Support Zones (Yellow Boxes):
Major support at 2,742.691: This level aligns with the lower boundary of the price range and acts as a potential reversal or bounce area.
Secondary support around 2,764.096: Close to a significant breakout level and serves as a confluence for bullish momentum
Resistance Zone (Target Area):
Price is targeting the zone around 2,788.522, which aligns with the channel's upper boundary and a probable profit-taking level for bulls.
Entry Point:
Price has broken above the intermediate support of 2,772.943, making this a key area for entry confirmation on pullbacks.
Stop Loss (SL):
Suggested at 2,764.096, just below the recent breakout zone, providing protection against downside risks.
Target Levels (TP):
Primary target: 2,788.522 (upper resistance zone).
Intermediate target: 2,772.115 for partial profits or validation of bullish momentum continuation.
Technical Indicators:
Ascending channel indicates a trend-following approach.
Price action respects support and resistance zones within the channel.
Summary:
The XAU/USD pair remains bullish within the ascending channel, with a target at 2,788.522. Use 2,764.096 as a stop loss to manage risk, and consider scaling out profits around 2,772.115 or higher. Watch for potential reactions near support levels for entry opportunities.
Current Market Structure:
The market is in an upward trend within a defined ascending channel. Price action respects the channel boundaries, indicating bullish momentum.
Key Levels:
Support Zones (Yellow Boxes):
Major support at 2,742.691: This level aligns with the lower boundary of the price range and acts as a potential reversal or bounce area.
Secondary support around 2,764.096: Close to a significant breakout level and serves as a confluence for bullish momentum
Resistance Zone (Target Area):
Price is targeting the zone around 2,788.522, which aligns with the channel's upper boundary and a probable profit-taking level for bulls.
Entry Point:
Price has broken above the intermediate support of 2,772.943, making this a key area for entry confirmation on pullbacks.
Stop Loss (SL):
Suggested at 2,764.096, just below the recent breakout zone, providing protection against downside risks.
Target Levels (TP):
Primary target: 2,788.522 (upper resistance zone).
Intermediate target: 2,772.115 for partial profits or validation of bullish momentum continuation.
Technical Indicators:
Ascending channel indicates a trend-following approach.
Price action respects support and resistance zones within the channel.
Summary:
The XAU/USD pair remains bullish within the ascending channel, with a target at 2,788.522. Use 2,764.096 as a stop loss to manage risk, and consider scaling out profits around 2,772.115 or higher. Watch for potential reactions near support levels for entry opportunities.
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Note
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Related publications
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.