The XAU/USD pair is currently trading at $2,505.91, with a bullish trend intact. The recent downward revision to job creation data has led to a more dovish tone from the Federal Reserve, which could be supportive of the pair's upward movement1.
Signal: The XAU/USD pair is likely to continue its bullish trend in the short term, targeting the $2,550 level.
Entering Stop Point: A stop loss can be placed just below the recent support level of $2,475. This is a significant support area where the pair has found buyers consistently, and breaking below it could indicate a potential shift in trend. However, it's important to monitor the situation closely and adjust the stop loss as needed.
Take Profit (TP) Point: A reasonable TP can be set at $2,550, which is just above the recent high and a level where the pair would need to break through to confirm a bullish continuation. It's important to note that these levels are subject to change based on market conditions and any news that may impact the pair's movement.
In conclusion, the XAU/USD pair is showing strong bullish signals, and traders should consider entering long positions with a stop loss below the $2,475 support level and targeting the $2,550 TP. However, it's crucial to remain vigilant and adjust positions based on market conditions and any news that may impact the pair's movement.
8/21/2024 06:36pm
