💰Take Profit 1 - 1991
💰Take Profit 2 - 1996
💰Take Profit 3 - 2001
❌ Stop loss - 1973
Technical analysis:
The XAUUSD pair is currently in a bullish trend, and it is currently trading near the bottom of its range. The current spot rate is 1983, and a buy entry point of 1983 is just above the recent low of 1973.
The pair is also trading above its 200-day moving average, which is a bullish signal. The pair is also forming an ascending triangle pattern, which is a continuation pattern that typically leads to a breakout to the upside.
Fundamental analysis:
Gold is generally seen as a safe-haven asset, and it has been strengthening against the US dollar as concerns about the global economy have grown.
Second, the US Federal Reserve is expected to raise interest rates more slowly than expected, which could put upward pressure on gold.
Finally, the Chinese economy is expected to weaken in the near term due to the ongoing trade tensions with the US. This could also put upward pressure on gold.
Risks:
There are a few risks to consider before entering a trade on XAUUSD. First, the global economy could improve, which could lead to a decline in gold.
Second, the US Federal Reserve could raise interest rates more quickly than expected, which could also put downward pressure on gold.
Finally, the Chinese economy could recover more quickly than expected, which could also put downward pressure on gold.
Here are some additional factors that you may want to consider before entering a trade on XAUUSD:
The economic outlook for the United States and China.
The level of volatility in the forex market.
The price of other commodities, such as oil and silver.
💰Take Profit 2 - 1996
💰Take Profit 3 - 2001
❌ Stop loss - 1973
Technical analysis:
The XAUUSD pair is currently in a bullish trend, and it is currently trading near the bottom of its range. The current spot rate is 1983, and a buy entry point of 1983 is just above the recent low of 1973.
The pair is also trading above its 200-day moving average, which is a bullish signal. The pair is also forming an ascending triangle pattern, which is a continuation pattern that typically leads to a breakout to the upside.
Fundamental analysis:
Gold is generally seen as a safe-haven asset, and it has been strengthening against the US dollar as concerns about the global economy have grown.
Second, the US Federal Reserve is expected to raise interest rates more slowly than expected, which could put upward pressure on gold.
Finally, the Chinese economy is expected to weaken in the near term due to the ongoing trade tensions with the US. This could also put upward pressure on gold.
Risks:
There are a few risks to consider before entering a trade on XAUUSD. First, the global economy could improve, which could lead to a decline in gold.
Second, the US Federal Reserve could raise interest rates more quickly than expected, which could also put downward pressure on gold.
Finally, the Chinese economy could recover more quickly than expected, which could also put downward pressure on gold.
Here are some additional factors that you may want to consider before entering a trade on XAUUSD:
The economic outlook for the United States and China.
The level of volatility in the forex market.
The price of other commodities, such as oil and silver.