I am currently observing a bullish opportunity on the XAU/USD currency pair (gold against the US dollar). The price is around 1936, and I have noticed a positive movement both on the daily chart and the 4-hour chart (H4).
It's interesting to see how the price is behaving in a zone that used to act as resistance but is now acting as support. This support level corresponds approximately to the 0.5-0.6 Fibonacci level.
My trading strategy is long, with a profit target at 1980, which aligns with the previous highs reached. I have placed a stop loss at 1912, just slightly below the previous lows, to manage the risk.
I always remember that trading involves risks, and past analyses do not guarantee future results. I will make sure to manage the risk responsibly and use the appropriate tools to make informed decisions.
I wish myself and all the other participants of Forex48 Trading Academy a successful and profitable trading journey!
It's interesting to see how the price is behaving in a zone that used to act as resistance but is now acting as support. This support level corresponds approximately to the 0.5-0.6 Fibonacci level.
My trading strategy is long, with a profit target at 1980, which aligns with the previous highs reached. I have placed a stop loss at 1912, just slightly below the previous lows, to manage the risk.
I always remember that trading involves risks, and past analyses do not guarantee future results. I will make sure to manage the risk responsibly and use the appropriate tools to make informed decisions.
I wish myself and all the other participants of Forex48 Trading Academy a successful and profitable trading journey!
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