Long Gold | Breakout Trade | Daily P-Pivot Take Profit Target

FX:XAUUSD   Gold Spot / U.S. Dollar
217 1
Fellow Traders,

I see signs of Gold breaking out of the downsloping red channel. My first take profit target will be just before the Daily P-Pivot at 1252. I have set my stop loss below the weekly low at 1187.2. We have the 38.2 Fib Level acting as a key support at 1198.22, and S1 Pivot also acting as key support at 1197.01.

Riskier traders looking to commit a larger amount of capital to this trade might consider a tighter stop at 1196.

I'm looking to pyramid into this trade and so will start by risking 1% of my capital with stop loss set at 1187.2

Entry: 1208.8
TP: 1255
SL: 1187.2

Trade safe!
Update - 4:13pm SGT 6 March

15 Min Chart has bearish outlook with support becoming resistance

240 Min Chart Support on uptrending fork needs to hold or I will be exiting this trade for a loss
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