Hello Traders! If you follow my ideas, you already know that I have been advising traders to BUY XAUUSD on DIPS at 1272-1275. Through this idea, I will try to present a good trading plan for XAUUSD with complete ENTRIES, TPs and SLs. So, I would like you to read the full analysis as I have attached the daily charts as well.
In the weekly chart, we can see that XAUUSD is currently trading above the 100W EMA, which is a BULLISH SIGN. In fact, it has repeatedly bounced off off the 100W EMA. So, in case this support continues to hold, Traders can look for BUYS at 1275 area with SL below 1266 and TPs at 1290, 1310 respectively.
In the daily chart as well, we can see that 1266 area has proven to be a STRONG SUPPORT. So, BUYING the DIPS near the SUPPORT ZONE is a good plan.
However, in case the SUPPORT BREAKS STRONGLY, SELL ENTRIES WILL BE VALID.
In the weekly chart, we can see that XAUUSD is currently trading above the 100W EMA, which is a BULLISH SIGN. In fact, it has repeatedly bounced off off the 100W EMA. So, in case this support continues to hold, Traders can look for BUYS at 1275 area with SL below 1266 and TPs at 1290, 1310 respectively.
However, in case the SUPPORT BREAKS STRONGLY, SELL ENTRIES WILL BE VALID.