XAUUSD 6 September 2024

6 Sep

**Buy Limit Order Idea**

### Key Levels and Fibonacci Confluence:
- **Resistance on 1H and 1D**: **$2,516-$2,520** (appears to be holding as resistance after the recent test)
- **Support Levels**: **$2,500** (near the 50% Fibonacci retracement level from recent price movement)
- **Fibonacci Level**: 61.8% retracement level around **$2,505**

### Entry Strategy:
- **Buy Limit Order** at **$2,505**
- This level offers a good risk-to-reward ratio since it coincides with support and the Fibonacci retracement zone.

### Stop Loss:
- **Stop Loss**: **$2,490**
- This is placed below the **$2,495** support level and the 61.8% Fibonacci level, providing room for volatility. This amounts to a **$15 per ounce risk**.

### Target Price:
- **Target Price**: **$2,535**
- The next logical target is around **$2,535**, where liquidity is expected to be higher and retracement may occur.
- This offers a reward of **$30 per ounce**, which gives a reward-to-risk ratio of **2:1**.

### Trailing Stop Loss Strategy:
1. **At $2,520**: Move stop loss to **$2,510** (break-even).
2. **At $2,525**: Move stop loss to **$2,515** to lock in profit.
3. **At $2,530**: Adjust stop loss to **$2,520**.

### Rationale for the Trade:
- **Fractals**: The fractals show a retracement potential from the recent highs, and the $2,505 level represents a potential support area where buyers may step in.
- **Reward-Risk Ratio**: A reward of $30 with a risk of $15 provides a solid **2:1** ratio.

This trade idea is structured to take advantage of the retracement and possible continuation in the overall uptrend. Only proceed if the market moves back to **$2,505** as this level aligns with support and Fibonacci confluence. If the price continues higher without retracement, avoid the trade.