BUY GOLDSupport and Resistance:
Support Level: Around 2,558.12 USD (Stop Loss level).
Resistance Level: 2,717.91–2,720.69 USD (Take Profit 2 zone).
Trend and Pattern:
Price is moving within an ascending channel, indicating a bullish trend.
Potential upward movement towards the resistance zone.
Indicators:
MA50 and MA200 Cross: A golden cross suggests bullish momentum.
RSI: At 67.77, nearing the overbought zone, signaling caution for potential corrections.
Trading Plan:
Entry: Around 2,617.43 USD (current price).
Take Profit 1: 2,650.54 USD.
Take Profit 2: 2,717.91–2,720.69 USD.
Stop Loss: 2,558.12 USD (below the support zone).
Risk Management:
Maintain a risk-to-reward ratio of at least 1:2.
Monitor global economic news affecting gold prices.
Summary:
The chart suggests a bullish opportunity for XAU/USD. However, monitor for short-term corrections as RSI approaches overbought levels. OANDA:XAUUSD