👋 Interested in how you can make an $1,000 per day with a trusted heavily regulated ⭐⭐⭐⭐⭐ 5-star international broker? Sign up for a free consultation.
Trading Signal: XAUUSD Rising Wedge Pattern Breakout
Overview:
The XAUUSD pair has recently formed a Rising Wedge pattern over the last 8 4-hour candles. The breakout through the pattern lines suggests a potential bearish movement towards the price level of 3304.9676.
Trading Strategy:
– Entry: Sell XAUUSD at the breakout point below the pattern lines
– Take Profit: Target the price level of 3304.9676
– Stop Loss: Set a stop loss above the pattern lines to manage risk
Technical Indicators:
– Rising Wedge pattern: Indicates a bearish reversal pattern
– Price Action: Breakout through pattern lines signals potential downward movement
– Support and Resistance Levels: Identify key levels for entry and exit points
Correlated Assets:
– Gold Prices: XAUUSD is highly correlated with movements in gold prices
– USD Index: Inverse correlation with the US dollar index may impact XAUUSD
Economic Calendar Events:
– Non-Farm Payrolls: US job data can influence USD strength and impact XAUUSD
– Federal Reserve Meetings: Interest rate decisions can affect gold prices and XAUUSD
By using technical analysis and monitoring key economic events, traders can make informed decisions when trading XAUUSD. Make sure to set up proper risk management and follow your trading plan.
⚠ If you wish to learn how to invest in the right stocks or trade successfully online, you can look into our free daily news about stock market news, crypto market news, commodities news, forex news, and financial markets daily technical analysis and trading signals.
