XAUUSD has reached 3148.9 and is currently testing the upper resistance levels. Technical analysis indicates that the 3150 – 3170 range serves as a resistance zone. Given the robust bullish sentiment surrounding XAUUSD recently and the typically high trading volume and ample liquidity during the US trading session.
The 3100 level is a strong support area. Right above this support area,buying opportunities present themselves. At price points in this range, a significant amount of buy orders tend to flood the market, offering a buffer against further price decline.
It’s crucial to note that the XAUUSD market is characterized by high volatility. Thus, investors should avoid chasing rallies or engaging in short – selling at high levels. Chasing rallies exposes investors to substantial losses during short – term price retracements. Similarly, short – selling at high levels risks missing out on further upside potential. Stay vigilant to market dynamics, set stop – loss and take – profit levels rationally, and safeguard against potential risks.
XAUUSD
Buy@3100 – 3105
TP 3120 3130 3140
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