XAUUSD-A Buying Opportunity Amidst Global Uncertainty.
XAUUSD-A Buying Opportunity Amidst Global Uncertainty.
The gold price has been trading within a flat top and bottom channel, indicating a period of consolidation. A strong horizontal resistance line and an inclined support line are visible on the chart. Notably, the trend has reversed three times from the resistance line and twice from the support line.
Currently, the trend is testing the support line, where we anticipate a third reversal. Following this, we expect the price to move towards the resistance line.
Trade Setup:
Based on our technical analysis and news impact, we recommend opening buy positions in gold.
- Entry: Buy gold at 2640-2650
- Stop Loss: 2624 (below the support line)
- Target Prices:
1. 2670 (T.P1)
2. 2685 (T.P2)
3. 2700 (T.P3)
4. 2717 (T.P4, final target near the resistance line)
We believe that the current market conditions and news impact make this a attractive buying opportunity for gold.
The gold price has been trading within a flat top and bottom channel, indicating a period of consolidation. A strong horizontal resistance line and an inclined support line are visible on the chart. Notably, the trend has reversed three times from the resistance line and twice from the support line.
Currently, the trend is testing the support line, where we anticipate a third reversal. Following this, we expect the price to move towards the resistance line.
Trade Setup:
Based on our technical analysis and news impact, we recommend opening buy positions in gold.
- Entry: Buy gold at 2640-2650
- Stop Loss: 2624 (below the support line)
- Target Prices:
1. 2670 (T.P1)
2. 2685 (T.P2)
3. 2700 (T.P3)
4. 2717 (T.P4, final target near the resistance line)
We believe that the current market conditions and news impact make this a attractive buying opportunity for gold.
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