This chart outlines a potential trading setup for XAUUSD. The price is currently forming a wedge pattern and approaching key Fibonacci levels. Immediate resistance lies around 2,650, coinciding with the 1.272 Fibonacci extension. A potential breakout towards 2,665 (1.618 extension) is anticipated if the price sustains above the 2,650 zone. However, a retracement towards 2,625 or lower levels within the wedge may occur before the next upward move. Key support levels to monitor are 2,600 and 2,575 in case of bearish pressure.
This setup suggests a bullish bias with cautious monitoring of price action and confirmations before entering trades
This setup suggests a bullish bias with cautious monitoring of price action and confirmations before entering trades
Trade closed: target reached
TP!!!!
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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.