XAU/USD Buy Entry - 1 Hr

3 Ara

Trade Setup:

Entry: 2636
Take Profit (TP): 2654
Stop Loss (SL): 2629.36

Market Context:
The price is consolidating within a symmetrical triangle pattern, signaling potential breakout momentum. This buy entry is positioned near a strong support zone, aligning with the lower boundary of the triangle and previous demand areas. The setup aims to capitalize on a possible bullish breakout from this consolidation.

Technical Analysis:
Support Zone:

The entry level (2636) is close to a well-defined support zone, increasing the probability of a bounce.
SL is placed just below the support at 2629.36 to minimize risk in case of a breakdown.
Triangle Formation:

The symmetrical triangle pattern indicates consolidation, with a potential upward breakout supporting the move toward TP at 2654.
Indicator Signals:

RSI: Likely near neutral or oversold territory, offering room for upward movement.
Volume: A volume increase on a breakout will confirm bullish momentum.