Trade Idea: BUY GOLD (XAUUSD) at 2,993 – Target 3,035🔍 Technical Analysis (1H Chart):
Strong support zone at 2,993 – 2,984 USD:
This area has held well multiple times in recent sessions.
Confluence with the EMA33 low (2,998 USD) acting as dynamic support.
Price previously rebounded from this zone with a noticeable increase in volume.
Structure:
After a pullback to 2,993, the price rebounded to 3,017, indicating bullish demand.
A retracement back to 2,993 would offer a good entry point for a trend continuation buy.
Resistance / Profit Target at 3,035 USD:
This is the most recent local high and aligns with the downtrend line and higher EMA levels.
If price breaks above 3,035, the next potential target zone would be around 3,045–3,050 USD.
🧾 Trade Setup:
Entry: Buy Limit @ 2,993 USD
Stop Loss: Below 2,984 USD
Take Profit:
TP1: 3,031 – 3,033 USD (minor resistance)
TP2: 3,035 USD (major resistance)
🎯 Risk-to-Reward Ratio (R:R): ~1.8 to 2.5 – suitable for intraday or short swing trade setups.
⚠️ Risk Management Tips:
If price doesn't pull back to 2,993 and breaks 3,035 directly, wait for a retest of 3,031 for a breakout-entry strategy.
Keep an eye on upcoming U.S. economic news or Fed events, which could bring volatility.
Adjust stop-loss or secure partial profits during U.S. session for safety.
