Spot Gold (XAUUSD) has been trading in a tight, horizontal range for the last 24 hours. Range contraction is always followed by range expansion. Our volume indicators show that institutional orders are accumulating, indicating an imminent breakout. We have triggered a SELL order at the breakout level of 4303.
Range breakout strategies are highly effective when backed by high volume. Entering at 4303 ensures we ride the initial wave of the expansion. To protect against false breakouts, our stop loss is set at 4313.
Our profit targets sit at the outer edges of the projected range extension: TP1 at 4293, TP2 at 4283, and our primary target TP3 at 4279. Maintain proper discipline and do not chase the market.