This chart shows the price action of XAU/USD (Gold Spot vs. U.S. Dollar) on a 30-minute timeframe. It appears to be a range-bound market setup, and here's a breakdown of what’s going on:
Key Elements:
1. Horizontal Range:
Support Zone: Around the 3,195 area (green highlighted zone).
Resistance Zone: Around the 3,240–3,250 area (purple zone at the top).
2. Repeated Pattern:
The price has bounced several times between support and resistance.
Red arrows mark where the price hits resistance and reverses.
Orange circles mark the bounce from support.
3. Current Trading Idea:
Entry Point: Near current price (around 3,208), just after a bounce from support.
Target (Take Profit): Around 3,245 (upper resistance zone).
Stop Loss: Just below the support zone (~3,195), to limit downside risk.
Trading Strategy:
This is a range trading approach: buy near support, sell near resistance.
The chart suggests entering a long position now, aiming for a take profit at resistance, with a stop loss placed just under support.
Want a deeper analysis or help turning this into a trading plan or alert?
Key Elements:
1. Horizontal Range:
Support Zone: Around the 3,195 area (green highlighted zone).
Resistance Zone: Around the 3,240–3,250 area (purple zone at the top).
2. Repeated Pattern:
The price has bounced several times between support and resistance.
Red arrows mark where the price hits resistance and reverses.
Orange circles mark the bounce from support.
3. Current Trading Idea:
Entry Point: Near current price (around 3,208), just after a bounce from support.
Target (Take Profit): Around 3,245 (upper resistance zone).
Stop Loss: Just below the support zone (~3,195), to limit downside risk.
Trading Strategy:
This is a range trading approach: buy near support, sell near resistance.
The chart suggests entering a long position now, aiming for a take profit at resistance, with a stop loss placed just under support.
Want a deeper analysis or help turning this into a trading plan or alert?
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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.
📲 Join telegram channel free ..
t.me/Money_Magnet08
Forex, Gold & Crypto Signals with detailed analysis & get consistent results..
t.me/Money_Magnet08
Gold Signal's with proper TP & SL for high profit opportunities..
t.me/Money_Magnet08
Forex, Gold & Crypto Signals with detailed analysis & get consistent results..
t.me/Money_Magnet08
Gold Signal's with proper TP & SL for high profit opportunities..
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.