Technical analysis by therabbittrades about Symbol PAXG: Buy recommendation (9/20/2024)

It is Friday, here is a potential setup for a new trade idea on Gold (XAU/USD):Trade Setup: Long (Buy)Entry Price:Entry Price: $2,580.00 (using a limit order).The price is close to a support zone on the 1H chart and aligns with a Fibonacci retracement level from recent movements. This provides a low-risk entry point near a confluence of support.Stop Loss:Stop-Loss Price: $2,570.00.Placing the stop-loss just below the previous support zone. This provides a reasonable buffer while limiting your risk.Take Profit (Target):Target: $2,600.00.This target is near the recent highs seen on the 1H chart, where high liquidity and resistance are expected. Price is likely to encounter significant resistance at this level.Risk/Reward Calculation:Risk: $10.00 per ounce (from $2,580.00 to $2,570.00).Reward: $20.00 per ounce (from $2,580.00 to $2,600.00).Risk-to-Reward Ratio: 1:2Trailing Stop-Loss Strategy:Initial Stop-Loss: Place at $2,570.00 upon entry.Break-even Adjustment: Once the price reaches $2,590.00, move the stop loss to $2,580.00 (your entry price) to eliminate risk.Trail Stop: If the price reaches $2,595.00, trail your stop to $2,590.00 to lock in partial profits.Final Adjustment: As the price approaches $2,600.00, consider trailing the stop loss further to $2,595.00 to secure more gains.Final Trade Details:Buy at $2,580.00.Stop Loss: $2,570.00.Take Profit: $2,600.00.-therabbittradesTrade plan cancelled as price has already hit $2600 without any retracement.