Gold (XAU/USD) Analysis and Trade Setup
On the 30-minute chart for XAU/USD, key areas of interest and trade setups are highlighted:
1. Support Area (Yellow Zone): This zone represents a strong support level where price has reacted multiple times in the past, suggesting buying interest.
2. Retestment Area (Yellow Zone):** The retest area indicates potential resistance-turned-support or an area of consolidation where price is expected to test again before continuation.
3. Entry Zone:
- Entry is suggested around 2,717.983**, near the upper yellow zone, following the breakout and retest strategy.
- Stop-loss can be placed slightly below 2,702.914, just under the lower yellow zone for risk management.
4. **Targets:**
- The initial target is set at **2,740.534**, based on previous high levels and Fibonacci projections.
- If the momentum sustains, price may extend further, but monitoring price action near the target is advised.
5. **Trend:** The price is forming higher highs and higher lows, indicating a bullish structure. After retesting the lower yellow zone, it is expected to continue its upward trend.
6. **Risk Management:** Stop-loss levels are marked clearly to avoid unnecessary exposure in case of a reversal.