I personally think the prices given in the chart can be potential points for a retracement.
Here are the reasons:
Although technical analysis gives us perfect positions for getting a profitable long on XAUUSD, fundamentals are a bit unstable (interest rate of USA: 2.5%) and the price may go down more than we have predicted. So, it is crucial to have a reasonable risk-reward ratio (1:3 is recommended) equivalent to your trade volume, leverage, and account.
Now tell me, which price is the best from your perspective?
XAUUSD
Here are the reasons:
- The downtrend wave is going for its third motive wave which can continue to the 3 prices given in the chart.
- Fibonacci channel and retracement showed that the 3 prices are the primary potential points for a long position.
- As you see, the demand zones match Fibonacci numbers.
Although technical analysis gives us perfect positions for getting a profitable long on XAUUSD, fundamentals are a bit unstable (interest rate of USA: 2.5%) and the price may go down more than we have predicted. So, it is crucial to have a reasonable risk-reward ratio (1:3 is recommended) equivalent to your trade volume, leverage, and account.
Now tell me, which price is the best from your perspective?
XAUUSD