Gold (XAU/USD) has successfully broken out of the consolidation zone after a strong rally. The price action recently tested the previous resistance level, which is now acting as new support.
Trade Setup:
Entry: Price has retested the breakout zone and is showing signs of bullish momentum.
Support: The previous resistance area (now turned support) is holding well.
Stop Loss: Placed just below the support at $3,034.562 to manage risk.
Target: A potential upside move towards the $3,055 zone, which aligns with the next key resistance level.
This setup follows a breakout-retest continuation pattern, a classic technical strategy where price revisits a breakout level before resuming the trend. If bullish momentum continues, we can expect a move towards the projected target.
📌 Key Levels to Watch:
Support: $3,034.562
Resistance/Target: $3,055
Current Price: $3,039.925
💡 Risk-to-Reward Ratio: Favorable, as the stop loss is placed strategically below support.
⚠️ Disclaimer: This is not financial advice. Always manage your risk and use proper risk management techniques.
What are your thoughts on this setup? Will Gold push higher or face rejection? Let me know in the comments! 🚀💬
Trade Setup:
Entry: Price has retested the breakout zone and is showing signs of bullish momentum.
Support: The previous resistance area (now turned support) is holding well.
Stop Loss: Placed just below the support at $3,034.562 to manage risk.
Target: A potential upside move towards the $3,055 zone, which aligns with the next key resistance level.
This setup follows a breakout-retest continuation pattern, a classic technical strategy where price revisits a breakout level before resuming the trend. If bullish momentum continues, we can expect a move towards the projected target.
📌 Key Levels to Watch:
Support: $3,034.562
Resistance/Target: $3,055
Current Price: $3,039.925
💡 Risk-to-Reward Ratio: Favorable, as the stop loss is placed strategically below support.
⚠️ Disclaimer: This is not financial advice. Always manage your risk and use proper risk management techniques.
What are your thoughts on this setup? Will Gold push higher or face rejection? Let me know in the comments! 🚀💬
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Penerbitan berkaitan
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.