XAU/USD Trading Analysis (06/01/2025)
The trend is up. Gold is trading in a range between 365 and 135 EMAs. The bearish wave structure is truncated. There is a bullish divergence on the Awesome Oscillator and the Stochastic Oscillator signals an oversold condition.
Trade idea:
- Buy at the beginning of the formation of the ascending wave structure, when wave A breaks the sloping channel of the descending truncated structure.
- Stop-loss below the local minimum of the descending wave structure at 2634.70.
- Target price levels at 2652.50 and 2664.50.
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