**The Steps to Identify Key Levels on Chart:**
1. **Support & Resistance:**
- Identify areas where the price has bounced multiple times.
- Based on your chart, key **support** seems around **2900**, while **resistance** could be near **2925-2930**.
2. **Trendlines:**
- Check if highs/lows are forming a triangle pattern.
- If lower highs and higher lows appear, it could be a **symmetrical triangle** (potential breakout).
3. **Moving Averages & Volume:**
- The **moving averages (EMA)** are close together, suggesting consolidation.
- Look for a volume spike near breakout points (above 2925 or below 2900).
### **Possible Chart Pattern Scenarios:**
- If price **breaks above 2925-2930 with volume**, it could be a **bullish breakout**.
- If price **drops below 2900**, it may confirm a **bearish breakdown** (continuation down).
- If price keeps bouncing between 2900-2925, it's likely **range-bound** (scalping opportunity).https://www.tradingview.com/x/gUkYiy8N/
1. **Support & Resistance:**
- Identify areas where the price has bounced multiple times.
- Based on your chart, key **support** seems around **2900**, while **resistance** could be near **2925-2930**.
2. **Trendlines:**
- Check if highs/lows are forming a triangle pattern.
- If lower highs and higher lows appear, it could be a **symmetrical triangle** (potential breakout).
3. **Moving Averages & Volume:**
- The **moving averages (EMA)** are close together, suggesting consolidation.
- Look for a volume spike near breakout points (above 2925 or below 2900).
### **Possible Chart Pattern Scenarios:**
- If price **breaks above 2925-2930 with volume**, it could be a **bullish breakout**.
- If price **drops below 2900**, it may confirm a **bearish breakdown** (continuation down).
- If price keeps bouncing between 2900-2925, it's likely **range-bound** (scalping opportunity).https://www.tradingview.com/x/gUkYiy8N/
Trade active
XAU/USD (Gold) has been moving between support and resistance levels, creating **highly profitable scalping opportunities**. Since price action is **range-bound**, traders can take advantage of quick buy-and-sell trades within the range. **Key Trading Strategy for Scalping Gold (XAU/USD):**
1. **Identify the Range:**
- **Resistance:** Around **$2,912 - $2,927** (R1 & Pivot Point).
- **Support:** Around **$2,900 - $2,893** (psychological level & S1).
2. **Scalping Entries & Exits:**
- **Buy near support ($2,900 - $2,893)** → Target **$2,910 - $2,915**.
- **Sell near resistance ($2,912 - $2,927)** → Target **$2,900 - $2,895**.
3. **Indicators for Confirmation:**
- Use **RSI (70-30 levels)** to spot overbought/oversold conditions.
- Check **volume spikes** for momentum shifts.
- Look at **candlestick formations** near key levels (Doji, Engulfing, etc.).
4. **Risk Management:**
- Tight **stop-loss** (around **$5 - $7** per trade).
- **Secure partial profits** at halfway points.
- Adjust lot size based on volatility.
**Conclusion:**
If the range **persists**, scalping remains highly profitable. However, if **Gold breaks out**, then shifting to trend-following strategies will be crucial. Keep an eye on fundamentals (Fed decisions, US yields, and inflation data) for any breakout clues.
Trade closed: target reached
🔥 **Incredible Trade!** 🔥 📉 **GOLD (XAU/USD) Sell Setup:**
- **Entry:** 2900 after breakout of the support
- **Hit :** **2885** ✅ (+150 pips profit!)
### **✅ Next Steps:**
✔ **Secure Profits**: Move SL to breakeven or trail it for more gains.
✔ **Risk Management**: Adjust position size based on your plan.
✔ **Watch Price Action**: If momentum continues, next support levels are **2880 & 2875**.
🚀 **Flawless execution!** 📊🔥 close all trades for now and stay connected
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.