Overall, Gold is trending within a long-term upward channel. XAUUSD is likely currently trading in a distribution phase (sideways movement) before starting a new cycle. XAUUSD is currently ranging between $2147 - 2215/oz. Trading Plan: *Plan A: Buy around the range of $2150 - $2170. Cut losses completely at $2145. Short-term target: $2185. Medium-term target: $2200. *Plan B: Only consider selling XAUUSD when it exits the trading range around 214x. *Note: There's a possibility for Gold to reach new highs at $2262 - $2400.
The market always carries risks. This trading idea is for reference purposes only. Trade with a reasonable amount of capital and within a suitable risk management framework.
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Price penetrating into the cloud, especially when the cloud is thin, signifies that the resistance zone may not be robust and could be easily breached.