In the early trading hours, Gold prices fluctuated within a tight range, revealing a consolidation pattern underpinned by a rising support trendline, indicating a bullish sentiment among intraday traders. The price action presented a notable rejection at the resistance level of 2063, as depicted by the long upper wick, suggesting a temporary overbought condition or profit-taking.
Following the rejection, prices retraced towards the rising support trendline. This could be perceived as a healthy pullback, offering a potential entry point for buyers believing in the continuation of the uptrend. The support zone around 2042-2045, highlighted by the recent lows and the ascending trendline, is pivotal for maintaining the bullish structure.
The Risk/Reward (R/R) setup formulated on the chart exhibits a strategic entry point just above the support trendline, with a stop-loss marginally beneath it to mitigate the risk of a false breakout. The profit target is set just below the resistance, ensuring a pragmatic approach towards liquidity levels and potential reversal points.
In conclusion, the short-term outlook for XAUUSD remains bullish as long as the price sustains above the trendline support. A break below this could invalidate the bullish scenario, shifting the focus towards the next support levels.
Following the rejection, prices retraced towards the rising support trendline. This could be perceived as a healthy pullback, offering a potential entry point for buyers believing in the continuation of the uptrend. The support zone around 2042-2045, highlighted by the recent lows and the ascending trendline, is pivotal for maintaining the bullish structure.
The Risk/Reward (R/R) setup formulated on the chart exhibits a strategic entry point just above the support trendline, with a stop-loss marginally beneath it to mitigate the risk of a false breakout. The profit target is set just below the resistance, ensuring a pragmatic approach towards liquidity levels and potential reversal points.
In conclusion, the short-term outlook for XAUUSD remains bullish as long as the price sustains above the trendline support. A break below this could invalidate the bullish scenario, shifting the focus towards the next support levels.
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