BUY OPPORTUNITY
Instrument: XAU/USD
Entry Price: 2883 $
Stop Loss (SL): 2871 $
Take Profit (TP): 2934 $
Risk/Reward Ratio≈ 5x
Market Context:
Expecting a rangebound market between 2942 $ represents an all-time high and is expected to act as a strong resistance. If the market is unable to break above this level, it may struggle to push higher, leading to price rejection at or near this level and 2878 $ is seen as the floor or the level where buying interest is expected to pick up. If the price drops to this level, buyers are expected to enter the market, preventing further downside. Price will likely oscillate between these two levels until there is a decisive breakout in either direction, hence 2883 $ is identified as a good support level for entry.
Entry Price: 2883 $
Stop Loss (SL): 2871 $
Take Profit (TP): 2934 $
Risk/Reward Ratio≈ 5x
Market Context:
Expecting a rangebound market between 2942 $ represents an all-time high and is expected to act as a strong resistance. If the market is unable to break above this level, it may struggle to push higher, leading to price rejection at or near this level and 2878 $ is seen as the floor or the level where buying interest is expected to pick up. If the price drops to this level, buyers are expected to enter the market, preventing further downside. Price will likely oscillate between these two levels until there is a decisive breakout in either direction, hence 2883 $ is identified as a good support level for entry.
GODO Capital Markets
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