From a technical perspective, I see that Gold has reached a price level worth considering for potential entry points.
Based on historical candle patterns, we can look for Buy entry opportunities. However, to remain objective, I will provide an analysis for both Buy and Sell entry options.
Key Levels of Interest
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Resistance Area: 3047.30 – 3036.63
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Support Area: 3008.70 – 2996.38
Potential Entry Setups
1. Breakout Opportunity Setup
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If the 1-hour candle closes above the upper Resistance Area (3047.30), prepare to find the best Buy Entry position.
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If the 1-hour candle closes below the lower Support Area (2996.38), prepare to find the best Sell Entry position.
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Stop Loss (Cut Loss):
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For Buy Entry: If the 1-hour candle closes below 3036.63, exit the position.
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For Sell Entry: If the 1-hour candle closes above 3008.70, exit the position.
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Risk-to-Reward Ratio: Maintain a minimum 1:1 ratio.
2. Pullback Setup for Sell Position
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Pullback Area: Resistance Zone
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If the 1-hour candle closes within the pullback area, a Sell position can be taken.
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Stop Loss: If the 1-hour candle closes above 3047.30, exit the position.
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Maintain a minimum 1:1 risk-to-reward ratio according to your trading strategy.
3. Pullback Setup for Buy Position
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Pullback Area: Support Zone
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If the 1-hour candle closes within the pullback area, a Buy position can be taken.
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Stop Loss: If the 1-hour candle closes below 2996.38, exit the position.
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Maintain a minimum 1:1 risk-to-reward ratio according to your trading strategy.
Happy Trading, everyone!