XAU/USD: Bullish Momentum Continues - Targeting 2989 on a Swing Play

Fellow traders, I’m looking at XAU/USD with a clear long bias this morning. The market continues to present a compelling bullish structure, and my analysis points to further upside for Gold.

Technical Setup & Entry Justification

The current price of XAU/USD at 2932.82 reflects a healthy 0.44% gain over the past 24 hours, confirming the underlying bullish trend. We've seen the day range oscillate between 2913.59 and 2952.06, indicating solid support activity around the 2913.59 level. My strategy is to enter a long position at 2927. This level sits just above the intra-day support and offers a strategic entry point after a minor pullback, positioning us well for the next leg up. This is a high probability zone for a bounce and continuation in the prevailing trend.

Risk Management and Profit Target

My conviction in this setup is strong, but sound risk management is paramount. I am placing my Stop Loss at 2896. This level provides sufficient buffer below the key psychological 2900 support and even further below the recent day low of 2913.59. It respects the market structure while protecting capital. For the Take Profit, I am targeting 2989. This level is strategically placed just below the significant psychological resistance at 3000, and well above the immediate resistance at 2952.06. This target offers a favorable risk-reward profile, reinforcing our statistical edge confirmed. I anticipate Gold