XAU/USD Trading Analysis (05/11/2024)
The trend is ascending. The gold is trading in a range between 365 and 135 ЕМА. The downward wave structure is truncated. There is a bullish divergence on the Awesome Oscillator, and the Stochastic Oscillator signals an oversold condition.
Trading idea:
- Buy at the beginning of the formation of the upward wave structure, when the wave A breaches the sloping channel of the descending truncated structure.
- Stop-loss at 2724.00.
- Price targets at 2757.70 and 2790.00.
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