Where Should I set a StopLoss Gold Order using Support and Resistance Zones?

A trader can use support & resistance levels on the gold chart to determine where to place their stop loss orders using the techniques explained on the example below:

Determining Where You Should set a Stop Loss XAUUSD Order using Resistance Levels in Gold Trading

One way of setting stop loss orders is to use resistance levels, on the xauusd charts.

Given that stop loss orders tend to congregate at key points, when one of these resistance levels is touched by the xauusd price, other orders are set off.

Stop Loss orders tend to accumulate just above the resistance zones.

A resistance level should act like a barrier for xauusd price movement, this is why the resistance zone are used to set stoploss orders.

If this resistance level is broken the xauusd price movement can go toward the opposite direction of the original gold trend, but if this resistance level is not broken the xauusd price will continue heading in the intended direction.

Stop Loss Gold Order Level Setting using Resistance Zones in Gold

Setting Stop Loss Gold Order above the Resistance Level

Determining Where You Should set a Stop Loss XAUUSD Order using Support Levels in Gold Trading

Another way of setting stoploss orders is to use support areas, on the xauusd charts.

Given that stop loss orders tend to congregate at key points, when one of these support levels is touched by the xauusd price, other orders are set off.

Stop-loss orders tend to accumulate just below support levels.

A support zone should act like a barrier for xauusd price movement, this is why these support areas are used to set stop-losses.

If this support level is broken the xauusd price movement can go toward the opposite direction of the original gold trend, but if this support level is not broken the xauusd price will continue heading in the intended direction.

Stop Loss XAUUSD Order Level Setting using Support Zones in Gold

Setting Stop Loss Gold Order below the Support Level