🚀 Ascending Triangle Breakout in Play! 🚀
Gold (XAUUSD) has formed a bullish ascending triangle, signaling strong buying pressure. Price has successfully broken out of the resistance zone, confirming an upward impulse.
Key Levels:
🔹 Breakout Level:
🔹 First Target: $2985 (impulse move)
🔹 Next Target: $3000+ (psychological resistance)
Market Structure &...
Sell Scenario (Break of Support Level)
Entry: Sell only if price breaks below 2882 (confirmed with a strong candle close).
Target: Next trend reversal point at 2868.
Stop Loss: Above the broken support at 2885-2890 (adjust based on volatility).
Buy Scenario (Bullish Trend – Triple Top Target)
Entry: If the bullish trend continues, aim for triple top pattern target...
Gold (XAU/USD) is trading within an ascending channel, currently testing the upper boundary near $2,930. This level has historically acted as resistance, suggesting potential for a pullback. Analysts recommend caution, advising against chasing long positions at these highs. A prudent strategy involves waiting for a retracement to support levels around $2,820...
Entry Criteria (Buy Setup)
Price must be trading above the 100MA on the 1-hour chart.
Wait for a retest of the 100MA after the breakout to confirm support.
Bullish candlestick pattern (e.g., engulfing, pin bar, or hammer) near the 100MA confirms entry.
Additional confirmation: RSI above 50 or MACD crossover.
Stop-Loss & Take-Profit
Stop-Loss (SL): Below the 100MA...
Trade Setup:
Entry Point: Buy at $2,900
Stop Loss: $2,880
Take Profit: $2,955
Analysis:
This strategy involves entering a long position at $2,900, with a stop loss set 20 points below the entry to limit potential losses, and a take profit target 55 points above to capitalize on anticipated upward movement.
Considerations:
Risk Management: The stop loss is...
