XAUUSD Strategic Buy at Support Zone

I am taking this buy entry based on several technical factors. Firstly, the RSI is at 24.22, indicating a significant oversold condition. This suggests that the price might be ready for an upward correction, as oversold levels often precede a rebound. Additionally, the price is near an important support area around $2,611, a level that has shown previous market reactions.

Although the recent trend has been bearish, I believe this entry has the potential to capitalize on a short-term pullback. I have set the entry price at $2,611.07, with a stop loss at $2,570.38 to limit potential losses if the price continues to decline. My take profit is positioned at $2,644.33, aiming for a reasonable target that captures a potential rebound. My plan is to maintain strict risk management and closely monitor price action at this level to confirm if the buy decision is validated by a favorable reaction.