Hello traders here's my New XAU/USD idea, what you think on it? share your thoughts in
Comment Section
Technical & Fundamental Analysis
Gold (XAUUSD) is currently showing strong bullish momentum on the 1-hour timeframe, with price action breaking above a key resistance level. This presents a potential long opportunity with a target of 2960.
Technical Analysis:
1. Support & Resistance:
A strong support level has been confirmed near 2,840-2,850, where buyers stepped in aggressively (marked with a green arrow).
The price has now breached a key resistance zone (~2,920), turning it into support.
2. Chart Pattern:
The formation of a higher low structure indicates a bullish continuation pattern.
A breakout from the resistance zone suggests further upside movement.
3. Trade Setup:
Entry: Above 2,910 (confirmation of breakout retest)
Stop Loss: Below 2,885 (below recent swing low)
Target: 2,960 (next resistance level)
Fundamental Analysis:
Gold Demand: Growing demand for gold due to market uncertainty and inflation fears.
US Dollar Weakness: Any weakness in the USD (DXY) supports a rise in gold prices.
Interest Rate Expectations: Lower interest rates from the Federal Reserve could push gold higher.
Conclusion:
Gold is displaying bullish momentum after a breakout from the resistance level. If the price sustains above 2,920, we can expect a rally toward 2,960. Traders should monitor USD strength and global risk sentiment.
📊 Trade Wisely & Manage Risk! 🚀
Follow me for more updates and don't forget to share my idea with your friends and family
Comment Section
Technical & Fundamental Analysis
Gold (XAUUSD) is currently showing strong bullish momentum on the 1-hour timeframe, with price action breaking above a key resistance level. This presents a potential long opportunity with a target of 2960.
Technical Analysis:
1. Support & Resistance:
A strong support level has been confirmed near 2,840-2,850, where buyers stepped in aggressively (marked with a green arrow).
The price has now breached a key resistance zone (~2,920), turning it into support.
2. Chart Pattern:
The formation of a higher low structure indicates a bullish continuation pattern.
A breakout from the resistance zone suggests further upside movement.
3. Trade Setup:
Entry: Above 2,910 (confirmation of breakout retest)
Stop Loss: Below 2,885 (below recent swing low)
Target: 2,960 (next resistance level)
Fundamental Analysis:
Gold Demand: Growing demand for gold due to market uncertainty and inflation fears.
US Dollar Weakness: Any weakness in the USD (DXY) supports a rise in gold prices.
Interest Rate Expectations: Lower interest rates from the Federal Reserve could push gold higher.
Conclusion:
Gold is displaying bullish momentum after a breakout from the resistance level. If the price sustains above 2,920, we can expect a rally toward 2,960. Traders should monitor USD strength and global risk sentiment.
📊 Trade Wisely & Manage Risk! 🚀
Follow me for more updates and don't forget to share my idea with your friends and family
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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.
Related publications
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.