Support Zone Identification:
A strong rejection near $2736.55 highlights the presence of buyers at this level. This could act as a springboard for a bullish reversal.
Trade Idea:
Entry:
A potential long trade is feasible near $2736.55, once the price shows confirmation of rejection and upward momentum.
Stop-Loss:
Below $2730.60, as a break below this level may invalidate the bullish bias.
Target:
The supply zone at $2767.82, aligning with the broader downtrend structure.
Risk-to-Reward Ratio:
The setup offers an attractive risk-to-reward ratio, ensuring the risk is minimal compared to the potential gain.
Confluence Factors:
The demand zone near $2736.55 aligns with recent price consolidation.
The broader market structure remains intact, with the supply zone acting as the next significant resistance.
Conclusion:
Monitor the $2736.55 level for signs of bullish price action before entering the trade. A successful breakout could see XAUUSD targeting the $2767.82 supply zone.
A strong rejection near $2736.55 highlights the presence of buyers at this level. This could act as a springboard for a bullish reversal.
Trade Idea:
Entry:
A potential long trade is feasible near $2736.55, once the price shows confirmation of rejection and upward momentum.
Stop-Loss:
Below $2730.60, as a break below this level may invalidate the bullish bias.
Target:
The supply zone at $2767.82, aligning with the broader downtrend structure.
Risk-to-Reward Ratio:
The setup offers an attractive risk-to-reward ratio, ensuring the risk is minimal compared to the potential gain.
Confluence Factors:
The demand zone near $2736.55 aligns with recent price consolidation.
The broader market structure remains intact, with the supply zone acting as the next significant resistance.
Conclusion:
Monitor the $2736.55 level for signs of bullish price action before entering the trade. A successful breakout could see XAUUSD targeting the $2767.82 supply zone.
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.