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Gold Spot / U.S. Dollar
Long
Updated

xauusd (GOLD): a signal

2 596
Hi guys!

Key Technical Points:

Ascending Channel:
  • Price action has been moving within a well-defined ascending channel.
  • Currently, the price has pulled back and is approaching the lower boundary of this channel.
  • This lower boundary often acts as a support area where buyers might step in.


Support Zone (Red Box):
  • The red highlighted area, around $ 3,340-$ 3,350 USD, is a key support zone.
  • This zone aligns with the lower boundary of the channel, adding more weight to the support.
  • Price is currently testing this area, which could act as a springboard for the next upward move.


Resistance Zone (Blue Box):

  • The upper resistance zone between roughly 3,425 and 3,440 USD is a major target for bulls.
  • This is a previous high area where sellers might re-enter the market.

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Trade Idea:
Long Position:
  1. Entry could be considered near the lower boundary of the channel and the red support zone (around 3,340-3,350 USD).
  2. Stop loss placement: Just below the red support zone to limit downside risk.
  3. Target: The upper resistance zone at around 3,425-3,440 USD.
Trade closed: stop reached
melikatrader94
Telegram channel: t.me/melikatrader94

Forex telegram channel: t.me/melikatrader94GoldForex
Also on:
Beyond Technical AnalysisChart PatternsGoldgoldinvestinggoldlonggoldpredictiongoldpriceTrend AnalysisXAUUSDxauusdanalysis

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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.
Beyond Technical AnalysisChart PatternsGoldgoldinvestinggoldlonggoldpredictiongoldpriceTrend AnalysisXAUUSDxauusdanalysis
melikatrader94
Telegram channel: t.me/melikatrader94

Forex telegram channel: t.me/melikatrader94GoldForex
Also on:

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.