XAUUSD

TradingView chart showing the Gold Spot (XAU/USD) price action on the 15-minute timeframe. Here's an analysis based on the chart: XAUUSD

Key Levels Identified:

1. Support Zone:

Marked by the yellow highlighted area around 2,910 - 2,915.

Price has previously reacted to this level, indicating potential buying interest.



2. Resistance / Target Level:

The chart suggests an upside move with the next target around 2,930 - 2,950.

The recent peak near 2,940+ is a key resistance area.




Trading Idea Based on the Chart:

Entry:

A buy (long) entry is suggested around 2,915 - 2,917, where price is retesting the support zone.


Stop Loss:

Below the yellow zone, around 2,907 - 2,910, to protect against a deeper decline.


Take Profit Targets:

First Target: 2,930 (previous high)

Second Target: 2,940 - 2,950 (strong resistance zone)



Trade Description:

The idea seems to be a bullish continuation trade after a breakout and retest of support.

The chart suggests buying the dip in the highlighted support zone, expecting another upward move.

A strong rejection below 2,910 could invalidate the setup, signaling a potential downtrend.


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