Buy XAUUSD Channel Breakout

19 mar

The XAU/USD pair (spot gold) on the M30 timeframe presents a potential buying opportunity due to a recent upward breakout from a well-defined bullish channel pattern. This suggests ongoing buying pressure and a higher likelihood of further advances in the coming minutes or hours.

Key Points:

Buy Entry: Consider entering a long position (buying) around the current price of 2161. This offers an entry point close to the breakout level, where buying pressure might be intensifying.

Target Levels: Initial bullish targets lie at the following levels:
2174: This represents the height of the channel, measured from the channel bottom (support line) to the top (resistance line), projected upwards from the breakout point.
2182: This is achieved by adding the height of the channel to the breakout point. These targets act as potential resistance zones that could see buying interest.

Stop-Loss: To manage risk, place a stop-loss order below the broken resistance line of the channel, ideally around 2153. This helps limit potential losses if the trend unexpectedly reverses.

Thank you

19 mar

Trade attivo

21 mar

Trade chiuso: obiettivo raggiunto