Hey traders! 👋
Let’s break down what’s happening on Gold (XAU/USD).
On the higher timeframe, Gold remains in a strong bullish trend. Price is currently rising from the May 14th low and appears to be targeting the all-time high around 3500.120.
Zooming in, we can see a minor pullback unfolding, likely a setup for the next leg higher. I’ve marked the minor low (A) and minor high (B) to define our current dealing range. Connecting these with a Fibonacci retracement, price has tapped into the discount zone, showing signs of potential accumulation.
On the lower timeframe, there’s a clear market structure shift, suggesting momentum could soon flip back to the upside.
📌 My plan:
Buy now at 3354
Stop Loss: 3312.11
Take Profit Targets:
– TP1: 3400.00
– TP2: 3452.00
– TP3: 3501.14
⚠️ Note: There's still a possibility of a deeper dip toward 3031, so I’m factoring that into my risk management.
What’s your take on this setup? Drop your thoughts in the comments below. Let’s discuss!
Let’s break down what’s happening on Gold (XAU/USD).
On the higher timeframe, Gold remains in a strong bullish trend. Price is currently rising from the May 14th low and appears to be targeting the all-time high around 3500.120.
Zooming in, we can see a minor pullback unfolding, likely a setup for the next leg higher. I’ve marked the minor low (A) and minor high (B) to define our current dealing range. Connecting these with a Fibonacci retracement, price has tapped into the discount zone, showing signs of potential accumulation.
On the lower timeframe, there’s a clear market structure shift, suggesting momentum could soon flip back to the upside.
📌 My plan:
Buy now at 3354
Stop Loss: 3312.11
Take Profit Targets:
– TP1: 3400.00
– TP2: 3452.00
– TP3: 3501.14
⚠️ Note: There's still a possibility of a deeper dip toward 3031, so I’m factoring that into my risk management.
What’s your take on this setup? Drop your thoughts in the comments below. Let’s discuss!
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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.
🔥Free Telegram Channel For Signals👇
t.me/+cJIWSM9RjvgyYzg0
t.me/+cJIWSM9RjvgyYzg0
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.