For XAU/USD I would prefer to place a buy pending order.
Since there is no confirmed reversal candlestick pattern yet.
And also there is some buying momentum left on bigger timeframe which is daily and above.
Buy from H1 support zone
Entry
1639.27 - 1636.70
Stop Loss
1631.84 + Spread
Target Profit
1673.70 - 1688.27 ( minus spread).
Note : I will use some small lot since the Risk/Reward ratio is quite interesting.
Since there is no confirmed reversal candlestick pattern yet.
And also there is some buying momentum left on bigger timeframe which is daily and above.
Buy from H1 support zone
Entry
1639.27 - 1636.70
Stop Loss
1631.84 + Spread
Target Profit
1673.70 - 1688.27 ( minus spread).
Note : I will use some small lot since the Risk/Reward ratio is quite interesting.
Note
Gold reached 1700 been selling from that price with sl 1705Note
Formation of falling wedge
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.