Gold Next Move | 1h Time Frame

Market Overview: In our view, XAU/USD will likely start the week on a positive note, heading for resistance at 2758. Price action for the pair on the 1-hour timeframe shows a Break of Structure (BOS), which depicts a strong bull in the market.

Trade Strategy:

Entry Point:

Consider buying the market as soon as it opens as close to the present price level as can be, plus any pullbacks to confirm the uptrend.

Target Level:

Target 2758. Do not go into this level blindly, as you may get turned around if the price action shows a reversal at this level.

Post-Target Action:

Bear in mind that when the target of 2758 is hit, your bias should be for a sell position. Looking for a shift in market sentiment should provide a good entry for short trades post hitting the target.

Tips for Execution:

Confirmation: Enter your long positions after making use of such technicals as RSI and MACD that exhibit the buying pressure.

Risk Management: Implement stop-loss in orders below the last three recent swing highs in order to guard against opposition price movements.

Market Sentiment: Always be aware of economic events and geopolitical news that may affect the prices of gold and alter your strategy.

Review and Adjust: Do not open a sell position immediately after hitting the target. Wait for the utterly bullish markets to subside first.