Short-Term Technical Analysis of XAU/USD
Timeframe: 15-minute chart
Entry Price: 2625
Stop Loss: 2617
Take Profit: Based on Fibonacci Retracement at 161.8%
Analysis:
Gold (XAU/USD) is currently trading in a bullish short-term momentum, with a key breakout observed near the 2625 level, which aligns with a significant resistance-turned-support zone. The 15-minute chart highlights a recent impulsive move, followed by a minor retracement, creating a potential setup for continuation.
Fibonacci Levels:
The Fibonacci extension tool, applied to the most recent swing, places the 161.8% retracement level as the take-profit target. This level is indicative of the next possible resistance zone and offers a favorable risk-reward ratio.
Stop Loss:
A tight stop loss at 2617, just below the prior swing low, minimizes downside risk. This level also sits below the 23.6% retracement of the same swing, serving as an invalidation point for the bullish setup.
Momentum Indicators:
RSI: Holding above 50, indicating bullish momentum. A break above 70 may signal further upside.
Moving Averages: The 50-period moving average on the 15-minute chart supports the upward trajectory, acting as dynamic support.
Trendline Support:
A short-term ascending trendline intersects near the entry point, offering additional confluence for a continuation trade.
Trading Plan:
Entry Point: 2625
Enter as the price stabilizes above this level, confirming breakout strength.
Stop Loss: 2617
Protect against downside risks with a stop loss below recent swing lows.
Take Profit: Based on the Fibonacci 161.8% level.
Monitor price action as it approaches the target for signs of weakening momentum or rejection.
Conclusion:
This setup offers a favorable risk-reward ratio with strong technical confluence for a continuation toward the Fibonacci 161.8% extension level. Tight risk management with a stop loss at 2617 ensures downside protection if the setup fails.
Note: Always ensure alignment with broader market trends and fundamental events, especially for XAU/USD, which is sensitive to economic data and geopolitical developments.
Disclaimer: This analysis is for informational purposes only and should not be considered financial advice. Always conduct your own research before trading.
Entry Price: 2625
Stop Loss: 2617
Take Profit: Based on Fibonacci Retracement at 161.8%
Analysis:
Gold (XAU/USD) is currently trading in a bullish short-term momentum, with a key breakout observed near the 2625 level, which aligns with a significant resistance-turned-support zone. The 15-minute chart highlights a recent impulsive move, followed by a minor retracement, creating a potential setup for continuation.
Fibonacci Levels:
The Fibonacci extension tool, applied to the most recent swing, places the 161.8% retracement level as the take-profit target. This level is indicative of the next possible resistance zone and offers a favorable risk-reward ratio.
Stop Loss:
A tight stop loss at 2617, just below the prior swing low, minimizes downside risk. This level also sits below the 23.6% retracement of the same swing, serving as an invalidation point for the bullish setup.
Momentum Indicators:
RSI: Holding above 50, indicating bullish momentum. A break above 70 may signal further upside.
Moving Averages: The 50-period moving average on the 15-minute chart supports the upward trajectory, acting as dynamic support.
Trendline Support:
A short-term ascending trendline intersects near the entry point, offering additional confluence for a continuation trade.
Trading Plan:
Entry Point: 2625
Enter as the price stabilizes above this level, confirming breakout strength.
Stop Loss: 2617
Protect against downside risks with a stop loss below recent swing lows.
Take Profit: Based on the Fibonacci 161.8% level.
Monitor price action as it approaches the target for signs of weakening momentum or rejection.
Conclusion:
This setup offers a favorable risk-reward ratio with strong technical confluence for a continuation toward the Fibonacci 161.8% extension level. Tight risk management with a stop loss at 2617 ensures downside protection if the setup fails.
Note: Always ensure alignment with broader market trends and fundamental events, especially for XAU/USD, which is sensitive to economic data and geopolitical developments.
Disclaimer: This analysis is for informational purposes only and should not be considered financial advice. Always conduct your own research before trading.
Clause de non-responsabilité
Les informations et les publications ne sont pas destinées à être, et ne constituent pas, des conseils ou des recommandations en matière de finance, d'investissement, de trading ou d'autres types de conseils fournis ou approuvés par TradingView. Pour en savoir plus, consultez les Conditions d'utilisation.
Clause de non-responsabilité
Les informations et les publications ne sont pas destinées à être, et ne constituent pas, des conseils ou des recommandations en matière de finance, d'investissement, de trading ou d'autres types de conseils fournis ou approuvés par TradingView. Pour en savoir plus, consultez les Conditions d'utilisation.