Chart Overview:
This 15-minute XAU/USD chart from OANDA shows a potential bullish setup with clearly defined support, resistance, and trade levels. The price is currently in an upward trend, with a possible pullback before further continuation.
Key Trading Zones:
🔹 Strong Support Level: Around 2,921 - 2,930 USD, where buyers previously stepped in.
🔹 Resistance Area: 2,946 - 2,950 USD, acting as a breakout level.
Trade Plan:
📌 Entry Strategy:
A potential pullback toward the 2,935 - 2,940 USD zone could provide a good buying opportunity.
If price respects the support, it could trigger a bullish push.
📌 Take Profit Targets:
1st TP: Near 2,950 USD, a short-term resistance level.
2nd TP: 2,971 USD, marking a higher target for extended bullish movement.
📌 Stop Loss:
Positioned near 2,915 USD, below the strong support zone, to limit downside risk.
Market Structure Analysis:
✅ Volume Analysis: Increasing volume at key levels suggests strong buying interest.
✅ Trend Direction: The market is attempting a higher low formation, indicating a potential bullish continuation.
✅ Risk-to-Reward Ratio: The setup shows a favorable risk-reward ratio for buyers.
Final Thoughts:
Watch for a pullback before entering long positions.
A break above the resistance zone could push the price toward the second TP.
Manage risk properly with a well-placed stop loss.
📈 Trade wisely and monitor price action for confirmation! 🚀
This 15-minute XAU/USD chart from OANDA shows a potential bullish setup with clearly defined support, resistance, and trade levels. The price is currently in an upward trend, with a possible pullback before further continuation.
Key Trading Zones:
🔹 Strong Support Level: Around 2,921 - 2,930 USD, where buyers previously stepped in.
🔹 Resistance Area: 2,946 - 2,950 USD, acting as a breakout level.
Trade Plan:
📌 Entry Strategy:
A potential pullback toward the 2,935 - 2,940 USD zone could provide a good buying opportunity.
If price respects the support, it could trigger a bullish push.
📌 Take Profit Targets:
1st TP: Near 2,950 USD, a short-term resistance level.
2nd TP: 2,971 USD, marking a higher target for extended bullish movement.
📌 Stop Loss:
Positioned near 2,915 USD, below the strong support zone, to limit downside risk.
Market Structure Analysis:
✅ Volume Analysis: Increasing volume at key levels suggests strong buying interest.
✅ Trend Direction: The market is attempting a higher low formation, indicating a potential bullish continuation.
✅ Risk-to-Reward Ratio: The setup shows a favorable risk-reward ratio for buyers.
Final Thoughts:
Watch for a pullback before entering long positions.
A break above the resistance zone could push the price toward the second TP.
Manage risk properly with a well-placed stop loss.
📈 Trade wisely and monitor price action for confirmation! 🚀
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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.