Gold (XAUUSD) is currently trading within an ascending channel on the 1-hour timeframe. The price is near the upper boundary of the channel, signaling a potential reversal.
Trade Idea:
Entry: Near $3,035 (current price level)
Take Profit 1: $3,020 (first target)
Take Profit 2: $3,000 (final target)
Stop Loss: $3,056 (above the recent high)
Analysis:
Gold is moving in a rising channel, but a potential break to the downside is expected.
A short position is favorable if price respects resistance and shows bearish confirmation.
The risk-to-reward ratio aligns with proper risk management.
Recommendation:
Watch for rejection signals before entry.
Ensure stop-loss placement above resistance to avoid false breakouts.
Manage trade based on price action around key levels.
This setup offers a potential 35-55 pips profit while maintaining a controlled risk.
Trade Idea:
Entry: Near $3,035 (current price level)
Take Profit 1: $3,020 (first target)
Take Profit 2: $3,000 (final target)
Stop Loss: $3,056 (above the recent high)
Analysis:
Gold is moving in a rising channel, but a potential break to the downside is expected.
A short position is favorable if price respects resistance and shows bearish confirmation.
The risk-to-reward ratio aligns with proper risk management.
Recommendation:
Watch for rejection signals before entry.
Ensure stop-loss placement above resistance to avoid false breakouts.
Manage trade based on price action around key levels.
This setup offers a potential 35-55 pips profit while maintaining a controlled risk.
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.
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.