Gold Pullback Opportunity: XAU/USD Buy Setup - 2H Chart
What's up Traders! We’re eyeing a pullback. The current price is showing signs of retracement after hitting a recent high around $2,360.00. Look for a pullback to the 2-hour support level at approximately $2,342. which coincides with the 21 EMA. A bounce from this level would be a good entry point to go long.
❌ Stop Loss: To manage risk, place a stop loss just below the next support level at around $2,331. ensuring we're out if the pullback extends further.
🎯 Target 1: The first profit target can be set near the next daily resistance level at $2,377. offering a reasonable risk-reward from our entry point.
🎯 Target 2: If the momentum remains strong, consider extending the take profit to the upper weekly resistance at $2,387. following the trend's strength and overall market sentiment.
Monitor price action closely near these critical levels for any signs of reversal, and as always, adjust your strategy based on real-time market conditions.
❌ Stop Loss: To manage risk, place a stop loss just below the next support level at around $2,331. ensuring we're out if the pullback extends further.
🎯 Target 1: The first profit target can be set near the next daily resistance level at $2,377. offering a reasonable risk-reward from our entry point.
🎯 Target 2: If the momentum remains strong, consider extending the take profit to the upper weekly resistance at $2,387. following the trend's strength and overall market sentiment.
Monitor price action closely near these critical levels for any signs of reversal, and as always, adjust your strategy based on real-time market conditions.
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