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This chart is a trading setup for Gold Spot (XAU/USD) on a 1-hour timeframe, published on TradingView. The setup is based on a buy trade from a key support zone. Here’s a breakdown of the chart:
Key Elements:
1. Entry Point (Buy Zone):
Marked within the blue highlighted zone around 2,918 – 2,920
Expecting price to bounce from this support level
2. Stop Loss:
Placed below the support zone at 2,908
Protects against further downside if the trade goes wrong
3. Take Profit Levels:
Take Profit 1: Around 2,924
Take Profit 2: Around 2,932
Last Target: 2,940 (final target for full exit)
4. Trade Expectation:
Price is anticipated to test the entry zone, then move up towards the profit targets
The risk-reward ratio is positive, aiming for a strong bullish move
Conclusion:
This setup suggests a buying opportunity in gold based on price action and support/resistance levels. The stop loss is well-placed below support, and multiple profit targets allow for partial exits.
Key Elements:
1. Entry Point (Buy Zone):
Marked within the blue highlighted zone around 2,918 – 2,920
Expecting price to bounce from this support level
2. Stop Loss:
Placed below the support zone at 2,908
Protects against further downside if the trade goes wrong
3. Take Profit Levels:
Take Profit 1: Around 2,924
Take Profit 2: Around 2,932
Last Target: 2,940 (final target for full exit)
4. Trade Expectation:
Price is anticipated to test the entry zone, then move up towards the profit targets
The risk-reward ratio is positive, aiming for a strong bullish move
Conclusion:
This setup suggests a buying opportunity in gold based on price action and support/resistance levels. The stop loss is well-placed below support, and multiple profit targets allow for partial exits.
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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.
JOIN OUR TELEGRAM CHANNEL
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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.