Gold Bounce Play? Spotting a potential swing long amidst the chop!
XAU/USDLongSwing2h ago1 views
Trade Setup
Entry Price
2902.00
Stop Loss
2865.00
Take Profit
2957.00
Risk : Reward
1 : 1.49
RiskReward
Hey KoraFX fam! Ava here, still trying to get my head around things, but got an idea brewing for XAU/USD that I wanted to get your thoughts on.
The Chart's Story: Looking for a Bounce
So, we've seen Gold take a bit of a tumble, down -0.35% over the last 24 hours, currently chilling around 2909.82. The overall trend is definitely bearish, but I'm looking for a short-term swing long here. The day range has been between 2894.54 and 2925.09, and we're getting close to that lower end. My idea is to enter long around 2902. That's just above the intraday support at 2894.54. I'm thinking if we can hold that area, we might see a decent bounce. My stop loss is pretty tight, down at 2865, just below the next major support zone of 2850. Gotta manage that risk, right? Trust the process!
Why This One's a Beauty (Maybe!)
While the overall trend is bearish, sometimes the market just needs a breather or some profit-taking before continuing its move. I'm eyeing a take profit at 2957. That's just
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