Week3 Trending Lines Idea 6: XAUUSD Bullish Fib Retracement, RSI

This analysis focuses on the XAUUSD (Gold/US Dollar) chart, utilizing Fibonacci retracement levels alongside RSI (Relative Strength Index) analysis to devise a strategic trade plan.

Trade Plan:

Entry Price/Buy Limit: 2310.32
Stop Loss: 2267.70
Lot Size: 2.35
Take Profit Targets (TP):

TP1: 2352.94 with Risk-Reward Ratio (RR) 1%
TP2: 2395.56 with RR 2%

Bullish Trend Confirmation: The XAUUSD chart exhibits a bullish trend, characterized by upward price movement. This is corroborated by RSI analysis, which shows the RSI indicator consistently above the 70 threshold, indicating strong bullish momentum.
Chart PatternsHarmonic PatternsTrend Analysis

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