Here’s a summary of your updated XKD/USD trade plan:
Trade Plan
– *Entry Point*: 2607 (current)
– *Target*: 2642
– *Stop-Loss*: 2594
Market Analysis
The XAU/USD is experiencing a bullish rebound, driven by a weakening US dollar and increasing inflation concerns.
Technical Analysis
– *RSI Indicator*: The Relative Strength Index (RSI) is above 40, indicating a potential bullish reversal.
– *Moving Averages*: The 50-day moving average is trending upwards, supporting the bullish view.
– *Support Levels*: The support levels at 2594 and 2585 could provide a buying opportunity in case of a pullback.
Risk Management
– *Risk-Reward Ratio*: Your risk-Reward ratio is approximately 1:2.4, which is relatively aggressive.
– *Position Sizing*: Make sure to adjust your position size according to your risk tolerance and account size.
Stay disciplined and stick to your trade plan. Good luck!