Buy XAUUSD Triangle Breakout

2024年3月20日

The XAU/USD pair (spot gold) on the M30 timeframe presents a potential buying opportunity due to a recent upward breakout from a triangle pattern. This suggests a shift in momentum towards the upside 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 2159, positioned close to the breakout level. This offers an entry point near the perceived shift in momentum.

Target Levels: Initial bullish targets lie at the following levels:
2174: This represents the height of the triangle, measured from the apex (highest or lowest point) to the base (opposite trendline), projected upwards from the breakout point.
2182: This is achieved by adding the height of the triangle to the breakout point.

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

Thank you

2024年3月21日

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