"Gold Price Rebounds from Major Support, Eyeing Key Resistance L

Feb 11

This chart represents a 1-hour time frame analysis of gold (XAUUSD). The price recently tested a major support zone and showed signs of rejection, indicating potential bullish momentum.

A possible target for the upside move is around the 2,926 resistance zone, with the first target at 2,904. The price structure suggests that if the support holds, buyers may push the price toward these levels. However, a failure to hold above the support zone could signal further downside.

Feb 11

Trade active

Nice! The first target at 2,904 has been achieved
Adjusted Plan:
Secure Partial Profits: Lock in gains at 2,904 to reduce risk while keeping a portion of your position running.
Trail Stop-Loss: Move your stop-loss to break-even (or just below the major support zone) to protect profits in case of a reversal.
Next Target: Aim for 2,926, but watch price action closely. If momentum weakens before reaching this level, consider scaling out earlier.
Watch for Rejection: If price struggles around 2,920, monitor for signs of selling pressure. A strong breakout above 2,926 could signal further upside potential.
Exit Strategy: If price shows strong rejection at 2,926, take full profit and look for a potential re-entry after a pullback.