Xau/Usd-Perfect Time for Hedge Trade

XAUUSD
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Technical
Currently, we are at the 1900$ level and if we start analyzing the chart technically from the Daily we can easily spot that this is a strong support level where the trend can find new buyers and make a new wave upwards. If we go down to the 4H TF we can spot that the 1900 level is a really obvious one, and at the same time, it is a round number which makes it an even stronger level, so we expect the bulls to win this small battle. The SL is as we can see on the chart pretty close being just 11dollars below, but still reasonable and giving the trade enough space to, breathe'' if the wick is coming because the ATR (average true range indicator ) for the past 14days is around 27$ on the Daily TF and when we are just at this area of value zone this level makes sense because if it breaks lower we can expect an even bigger decline and doesn't make sense to take unnecessary loses. The TP is at 1980 making it 1:6 RR
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Fundamental
As the S&P drops more than 8% in about a week and is currently at a key level which if it breaks we can expect an even lower low, at the same time with inflation and interest rates hiking this is the perfect trade to take and at the same time is a perfect hedge for our Stock Portfolio.

Trade active

Trade closed: stop reached