GOLD ($XAU
) – Consolidation Above Key Support, Primed for a Breakout
Trading Plan: Long $GOLD (XAU)
Entry Zone: 4,795 – 4,815
Stop Loss (SL): 4,740
Take Profit 1 (TP): 4,825
Take Profit 2 (TP): 4,838
Take Profit 3 (TP): 4,848.51
Market Analysis:
The price of $GOLD is currently showing strong resilience after a recent correction. On the 4-hour chart, we see the price stabilizing right above a significant support level. The Supertrend is holding steady, and the RSI(6) at 52.36 suggests there is plenty of room for upward momentum before hitting overbought territory.
While the MACD shows some slight bearish pressure, the Depth Chart reveals a balanced order book with buyers ready to step in at the current levels. The selling pressure appears exhausted, and as long as the price stays above the recent low of 4,744.78, the structural integrity of the bullish trend remains intact. This pullback looks like a classic "buy the dip" opportunity before the next leg up toward the 4,848 resistance zone.
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