Hello traders!
Exciting developments in the XAU/USD chart! We've witnessed a decisive breach of the downtrend corridor, which signals not only the end of the previous bearish trend but also hints at the inception of a new bullish phase.
Entry Zone:
Our preferred buy-in range is between 1945 and 1968. This zone is predicated on the recent breakout point and the expected consolidation before the next bullish leg.
Take Profit Targets:
TP1: 2000
The first take profit target stands at the psychologically significant 2000 mark. This level has often acted as a magnet for price and a zone where traders might book some profits.
TP2: 2014
Our second objective lies at 2014, based on prior resistances and potential supply zones.
TP3: 2045
The most ambitious target, 2045, can be expected if the bullish momentum continues and sweeps through the previous levels.
Stop Loss: 1934
To safeguard our position, we've designated 1934 as the stop loss. This level is comfortably below our entry zone and past the breakout point, ensuring protection against any false breakouts or sudden bearish reversals.
In summation, the XAU/USD chart displays a promising setup for bulls. However, as we always emphasize, ensure to utilize sound risk management strategies and never invest more than you can afford to lose. Wishing you successful trades!
Exciting developments in the XAU/USD chart! We've witnessed a decisive breach of the downtrend corridor, which signals not only the end of the previous bearish trend but also hints at the inception of a new bullish phase.
Entry Zone:
Our preferred buy-in range is between 1945 and 1968. This zone is predicated on the recent breakout point and the expected consolidation before the next bullish leg.
Take Profit Targets:
TP1: 2000
The first take profit target stands at the psychologically significant 2000 mark. This level has often acted as a magnet for price and a zone where traders might book some profits.
TP2: 2014
Our second objective lies at 2014, based on prior resistances and potential supply zones.
TP3: 2045
The most ambitious target, 2045, can be expected if the bullish momentum continues and sweeps through the previous levels.
Stop Loss: 1934
To safeguard our position, we've designated 1934 as the stop loss. This level is comfortably below our entry zone and past the breakout point, ensuring protection against any false breakouts or sudden bearish reversals.
In summation, the XAU/USD chart displays a promising setup for bulls. However, as we always emphasize, ensure to utilize sound risk management strategies and never invest more than you can afford to lose. Wishing you successful trades!
Trade active:
TP 1 reached!