#XAU: Breakout this long term resistance!

In the weekly timeframe, the technical analysis reveals an intriguing pattern. Historically, when gold last breached the long-term resistance level between 1360 and 1400, it experienced a substantial 50% increase in price following the breakout. Remarkably, this resistance held for nearly 2200 days before being surpassed.

Presently, XAU has broken through a resistance barrier that persisted for 1274 days and is presently undergoing a retest of this level. Based on historical data, there's an anticipation of a potential 50% upward movement from this point.

However, it's crucial to note that if any weekly candle closes below the 2000 mark, this strategy would be invalidated. This level serves as a critical threshold, signaling a potential shift in market dynamics.
#DYOR #NFA

Note

UPDATE

Gold is currently forming a symmetrical triangle pattern in the four-hour time frame. This triangle has a breadth of almost 10%. Therefore, if there is a breakout or a breakdown, it is technically expected to move by 10%.

The range between 2050 to 2070 is a strong resistance level. In case of a breakout, this level also needs to be surpassed. The next move of gold will be decided by whether there is a breakout or a breakdown.

I will keep you updated. Stay tuned. Remember to DYOR (Do Your Own Research).
#stockmarkets #GOLD

Note

UPDATE

No change in Gold still trending inside this triangle.
The next move in gold will be decided by whether there is a breakout or a breakdown.
keep an eye on it
I will keep you updated. Stay tuned.
#DYOR

Note

Gold is on track so far.
No change

Note

XAU, the symbol for gold, has broken down from a symmetrical triangle pattern after being within it for 91 days. From a technical standpoint, we can anticipate a 10% decrease in gold's price based on this pattern.

After successfully retesting the pattern, we can expect the first drop to target the initial level of support, which is around 1987.

Stay tuned for further updates.

CRYPTOMOJO_TA

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CRYPTOMOJO_TA

Register on WEEX and Blofin and trade with me: 👇

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