I’m initiating a long position on XAU/USD based on recent bullish momentum and technical indicators signaling a potential upward move.
Technical Analysis:
• Trend: The price has been trading within an ascending channel on the 4-hour timeframe, indicating a strong uptrend. 
• Breakout: A recent breakout above the upper boundary of the channel with strong momentum suggests a continuation of the bullish trend. 
• Support Levels: The price has found support around the $3,280 level, where buyers have stepped in previously. 
Trade Setup:
• Entry Point: Around $3,327–$3,331 
• Target Price: $3,350 
• Stop Loss: Below $3,303 to maintain tight risk management. 
Technical Analysis:
• Trend: The price has been trading within an ascending channel on the 4-hour timeframe, indicating a strong uptrend. 
• Breakout: A recent breakout above the upper boundary of the channel with strong momentum suggests a continuation of the bullish trend. 
• Support Levels: The price has found support around the $3,280 level, where buyers have stepped in previously. 
Trade Setup:
• Entry Point: Around $3,327–$3,331 
• Target Price: $3,350 
• Stop Loss: Below $3,303 to maintain tight risk management. 
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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.