Description:
Looking at the 15-minute chart for Gold (XAU/USD), we can observe that the price is approaching a key support level around the $2,580 zone after a sharp drop. A strong bounce off this level could provide a potential long opportunity, especially with rising volume indicating renewed interest from buyers.
Key Observations:
1. Support Zone: The highlighted red area around $2,580 has acted as a strong demand zone in the past. Buyers might step in again if the price approaches this level, potentially leading to a reversal.
2. Volume Spike: Notice the significant increase in volume during the recent sell-off, followed by lower volume on consolidation. This suggests that sellers may be exhausted, and buyers could regain control.
3. MACD and RSI Bullish Divergence: The MACD is showing signs of upward momentum, and the RSI is gradually rising from oversold levels, signalling potential bullish divergence. This could further confirm the potential for a reversal.
Trade Idea:
• Buy Entry: Around $2,580-$2,590 if bullish confirmation is seen.
• Stop Loss: Below the $2,575 level to protect against further downside.
• Take Profit: Initial target at $2,600, with potential to move higher if bullish momentum continues.
Watchlist: Keep an eye on the volume and MACD crossover for confirmation of a bullish reversal. A break below $2,575 could invalidate this idea.
Let me know your thoughts 💭
Looking at the 15-minute chart for Gold (XAU/USD), we can observe that the price is approaching a key support level around the $2,580 zone after a sharp drop. A strong bounce off this level could provide a potential long opportunity, especially with rising volume indicating renewed interest from buyers.
Key Observations:
1. Support Zone: The highlighted red area around $2,580 has acted as a strong demand zone in the past. Buyers might step in again if the price approaches this level, potentially leading to a reversal.
2. Volume Spike: Notice the significant increase in volume during the recent sell-off, followed by lower volume on consolidation. This suggests that sellers may be exhausted, and buyers could regain control.
3. MACD and RSI Bullish Divergence: The MACD is showing signs of upward momentum, and the RSI is gradually rising from oversold levels, signalling potential bullish divergence. This could further confirm the potential for a reversal.
Trade Idea:
• Buy Entry: Around $2,580-$2,590 if bullish confirmation is seen.
• Stop Loss: Below the $2,575 level to protect against further downside.
• Take Profit: Initial target at $2,600, with potential to move higher if bullish momentum continues.
Watchlist: Keep an eye on the volume and MACD crossover for confirmation of a bullish reversal. A break below $2,575 could invalidate this idea.
Let me know your thoughts 💭
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Wyłączenie odpowiedzialności
Informacje i publikacje przygotowane przez TradingView lub jego użytkowników, prezentowane na tej stronie, nie stanowią rekomendacji ani porad handlowych, inwestycyjnych i finansowych i nie powinny być w ten sposób traktowane ani wykorzystywane. Więcej informacji na ten temat znajdziesz w naszym Regulaminie.