XAU/USD Long trade we have an uptrend!

7 thg 8, 2023

I am currently observing a bullish opportunity on the XAU/USD currency pair (gold against the US dollar). The price is around 1936, and I have noticed a positive movement both on the daily chart and the 4-hour chart (H4).

It's interesting to see how the price is behaving in a zone that used to act as resistance but is now acting as support. This support level corresponds approximately to the 0.5-0.6 Fibonacci level.

My trading strategy is long, with a profit target at 1980, which aligns with the previous highs reached. I have placed a stop loss at 1912, just slightly below the previous lows, to manage the risk.

I always remember that trading involves risks, and past analyses do not guarantee future results. I will make sure to manage the risk responsibly and use the appropriate tools to make informed decisions.

I wish myself and all the other participants of Forex48 Trading Academy a successful and profitable trading journey!