It sounds like you're suggesting a potential trading strategy for XAU/USD (Gold vs. the US Dollar). You're indicating that if the market holds at the 2655 level, there could be a breakout to push gold prices higher. Here’s a simplified view of your strategy:
- **Current Position:** 2660
- **Support Level:** 2655/2550 (If the market may test here, it may indicate a base for a breakout)
- **Potential Upside Targets:**
- First target: 2675
- Second target: 2685
This means that if the support at 2655 holds, traders might look for long positions aiming for those target levels. However, it's important for traders to keep in mind risk management strategies, such as stop-loss orders, in case the market moves in the opposite direction.
Are there any specific indicators or analysis supporting this trade idea, such as moving averages, RSI, or fundamental news?
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