Week3 Trending Lines Idea 6: XAUUSD Bullish Fib Retracement, RSI
This analysis focuses on the XAUUSD (Gold/US Dollar) chart, utilizing Fibonacci retracement levels alongside RSI (Relative Strength Index) analysis to devise a strategic trade plan.
Trade Plan:
Entry Price/Buy Limit: 2310.32
Stop Loss: 2267.70
Lot Size: 2.35
Take Profit Targets (TP):
TP1: 2352.94 with Risk-Reward Ratio (RR) 1%
TP2: 2395.56 with RR 2%
Bullish Trend Confirmation: The XAUUSD chart exhibits a bullish trend, characterized by upward price movement. This is corroborated by RSI analysis, which shows the RSI indicator consistently above the 70 threshold, indicating strong bullish momentum.
Trade Plan:
Entry Price/Buy Limit: 2310.32
Stop Loss: 2267.70
Lot Size: 2.35
Take Profit Targets (TP):
TP1: 2352.94 with Risk-Reward Ratio (RR) 1%
TP2: 2395.56 with RR 2%
Bullish Trend Confirmation: The XAUUSD chart exhibits a bullish trend, characterized by upward price movement. This is corroborated by RSI analysis, which shows the RSI indicator consistently above the 70 threshold, indicating strong bullish momentum.