This chart is a trading setup for Gold Spot (XAU/USD) on a 1-hour timeframe, published on TradingView. The setup is based on a buy trade from a key support zone. Here’s a breakdown of the chart:
Key Elements:
1. Entry Point (Buy Zone):
Marked within the blue highlighted zone around 2,918 – 2,920
Expecting price to bounce from this support level
2. Stop Loss:
Placed below the support zone at 2,908
Protects against further downside if the trade goes wrong
3. Take Profit Levels:
Take Profit 1: Around 2,924
Take Profit 2: Around 2,932
Last Target: 2,940 (final target for full exit)
4. Trade Expectation:
Price is anticipated to test the entry zone, then move up towards the profit targets
The risk-reward ratio is positive, aiming for a strong bullish move
Conclusion:
This setup suggests a buying opportunity in gold based on price action and support/resistance levels. The stop loss is well-placed below support, and multiple profit targets allow for partial exits.