A $XAU 4-hour level uptrend relay pattern remains intact, with the moving average system forming a layered support structure beneath it
$XAU - Go long
Trading plan:
Entry: 4,405 - 4,415
Stop Loss (SL): 4,372
Target 1 (TP1): 4,456
Target 2 (TP2): 4,520
Target 3 (TP3): 4,580
Why go long?
After dipping to 3,966, the price has maintained a steady step-like rise. Although it is currently stalling near the previous high around 4,456, the pullback has been extremely shallow and it has consistently received effective support from MA7 (4,402) and MA25 (4,384). As long as the support level at 4,372 is not broken to the downside with significant volume, this kind of strong sideways consolidation often indicates that the bulls are building momentum to break above the previous resistance. Going with the trend still offers a favorable risk-reward ratio.
Click here to trade👇$XAUT
$XAU - Go long
Trading plan:
Entry: 4,405 - 4,415
Stop Loss (SL): 4,372
Target 1 (TP1): 4,456
Target 2 (TP2): 4,520
Target 3 (TP3): 4,580
Why go long?
After dipping to 3,966, the price has maintained a steady step-like rise. Although it is currently stalling near the previous high around 4,456, the pullback has been extremely shallow and it has consistently received effective support from MA7 (4,402) and MA25 (4,384). As long as the support level at 4,372 is not broken to the downside with significant volume, this kind of strong sideways consolidation often indicates that the bulls are building momentum to break above the previous resistance. Going with the trend still offers a favorable risk-reward ratio.
Click here to trade👇$XAUT