Trade Idea : XAUUSD LONG ( BUY LIMIT )

Technical Analysis:
1. Daily Chart: Strong bullish momentum with price breaking above previous resistance, supported by a high RSI (78.15), indicating overbought conditions but with continued buying pressure. MACD is bullish, with increasing histogram bars showing strong upward momentum.
2. 15-Minute Chart: Clear uptrend with higher highs and higher lows. RSI at 58.75 suggests room for further upside before overbought conditions. MACD is positive, confirming bullish momentum.
3. 3-Minute Chart: Short-term consolidation after a strong upward move. RSI at 37.14 suggests a potential pullback before continuation. MACD shows slight weakening but no bearish crossover yet.

Fundamental Analysis:
• Gold’s bullish momentum is likely fueled by safe-haven demand due to global economic uncertainties or potential dovish central bank policies.
• No immediate signs of reversal in the larger timeframes, supporting a continuation of the uptrend.

Trade Idea: Long Position
• Entry: 2917.00 (Near short-term support from the 3-minute consolidation zone)
• Stop Loss: 2906.00 (Below recent support and the psychological level of 2906.00)
• Take Profit: 2940.00 (2:1 Risk-Reward Ratio, aligned with the next resistance level on the Daily chart)

Rationale:
• Entering at 2917.00 provides a good risk-to-reward ratio with a protective stop below key support.
• The overall trend is bullish across all timeframes, and the 3-minute chart’s consolidation suggests a continuation of the uptrend.

XAUUSD