XAUUSD 8 Aug 2024
Based on the latest data, the current price of XAU/USD (Gold Spot US Dollar) is around $2,387.40.
Support and Resistance Levels:
The current support level is around $2,381, while the resistance level is near $2,391. If the price breaks above the resistance level, we could see further upward momentum.
Economic Factors:
Fed Rate Decisions: Speculations of potential rate cuts by the Federal Reserve could support gold prices as investors seek safe-haven assets.
Geopolitical Tensions: Ongoing geopolitical uncertainties can also drive investors towards gold, further pushing the price upwards.
Entry Price:
Entry Type: Limit Order
Entry Level: $2387.00 (This is a point of confluence being near a support level and near the 38.2% Fibonacci retracement level from the recent swing low to swing high.)
Stop Loss:
Stop Loss Level: $2375.00 (Below the recent low and the support zone to avoid getting stopped out by minor fluctuations. This gives a risk of $12 per trade, which is within the 1% risk tolerance.)
Target Price:
Target Price Level: $2410.00 (A level of high liquidity and potential retracement. This provides a reward-risk ratio of approximately 1.92 ($23 potential reward/$12 risk).)
Adjusting Stop Loss to Trail Profits:
First Adjustment: Once the price reaches $2395, move the stop loss to break even at $2387.
Second Adjustment: Once the price reaches $2400, move the stop loss to $2392 (locking in $5 profit).
Final Adjustment: As the price approaches the target of $2410, adjust the stop loss to $2405 to secure more profits while allowing room for the price to reach the target.
Trade Execution:
Order Type: Limit Buy Order
Entry Price: $2387.00
Stop Loss: $2375.00
Take Profit: $2410.00
Support and Resistance Levels:
The current support level is around $2,381, while the resistance level is near $2,391. If the price breaks above the resistance level, we could see further upward momentum.
Economic Factors:
Fed Rate Decisions: Speculations of potential rate cuts by the Federal Reserve could support gold prices as investors seek safe-haven assets.
Geopolitical Tensions: Ongoing geopolitical uncertainties can also drive investors towards gold, further pushing the price upwards.
Entry Price:
Entry Type: Limit Order
Entry Level: $2387.00 (This is a point of confluence being near a support level and near the 38.2% Fibonacci retracement level from the recent swing low to swing high.)
Stop Loss:
Stop Loss Level: $2375.00 (Below the recent low and the support zone to avoid getting stopped out by minor fluctuations. This gives a risk of $12 per trade, which is within the 1% risk tolerance.)
Target Price:
Target Price Level: $2410.00 (A level of high liquidity and potential retracement. This provides a reward-risk ratio of approximately 1.92 ($23 potential reward/$12 risk).)
Adjusting Stop Loss to Trail Profits:
First Adjustment: Once the price reaches $2395, move the stop loss to break even at $2387.
Second Adjustment: Once the price reaches $2400, move the stop loss to $2392 (locking in $5 profit).
Final Adjustment: As the price approaches the target of $2410, adjust the stop loss to $2405 to secure more profits while allowing room for the price to reach the target.
Trade Execution:
Order Type: Limit Buy Order
Entry Price: $2387.00
Stop Loss: $2375.00
Take Profit: $2410.00
Comment
Target HitDisclaimer
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