๐ XAUUSD GOLD KEY๐๏ธLEVELS TO WATCH ๐AND WHY๐ค
Hello Traders! Let's delve into the recent movements of Gold (XAU/USD) on the daily timeframe, exploring potential opportunities:
๐ Patterns Unfolding: V Bottom & AB=CD Formation
The charts reveal the presence of a V Bottom pattern, coupled with an AB=CD formation, signaling the potential for a bullish upswing.
๐ Current Scenario:
Notably, the price has surpassed the breakout level situated at 2031.72, showcasing strength in the bullish sentiment.
๐ฏ Critical Levels to Observe:
Keep a watchful eye on key levels, particularly around 2044.95 and the 38% retracement at 2049.96.
Traders may consider securing partial profits as the price approaches the 38% retracement.
๐จ Risk Management Strategies:
Mitigate risks by placing a stop-loss order strategically below the low preceding the breakout level.
๐ฏ Exploring Target Zones:
Potential target zones include the 62% retracement around 2061.29 and the 79% retracement at 2069.24.
The charts reveal the presence of a V Bottom pattern, coupled with an AB=CD formation, signaling the potential for a bullish upswing.
๐ Current Scenario:
Notably, the price has surpassed the breakout level situated at 2031.72, showcasing strength in the bullish sentiment.
๐ฏ Critical Levels to Observe:
Keep a watchful eye on key levels, particularly around 2044.95 and the 38% retracement at 2049.96.
Traders may consider securing partial profits as the price approaches the 38% retracement.
๐จ Risk Management Strategies:
Mitigate risks by placing a stop-loss order strategically below the low preceding the breakout level.
๐ฏ Exploring Target Zones:
Potential target zones include the 62% retracement around 2061.29 and the 79% retracement at 2069.24.
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