XAUUSD | Long from 25% ?
The latest chart update shows that price has fully cycled from the 100% to the 25% quarter level within the bullish ascending channel. After failing to break the 2920 resistance due to a decrease in order flow, price continued its descent towards the lower boundary of the channel.
Upon reaching this key support zone, order flow for buying pressure significantly increased, leading to a suitable long entry that has already hit two take profit targets, securing 60 pips. The expectation is for price to slowly ascend back into the channel, aligning with previous value areas and increasing order flow.
However, with high-impact news on the horizon, market sentiment could shift, posing a potential risk to the current bullish market structure. Traders should remain cautious and prioritize risk management in case of unexpected volatility.
Upon reaching this key support zone, order flow for buying pressure significantly increased, leading to a suitable long entry that has already hit two take profit targets, securing 60 pips. The expectation is for price to slowly ascend back into the channel, aligning with previous value areas and increasing order flow.
However, with high-impact news on the horizon, market sentiment could shift, posing a potential risk to the current bullish market structure. Traders should remain cautious and prioritize risk management in case of unexpected volatility.
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