Hello Traders Investors And Community, welcome to this analysis about Golds price action, the current important formation forming, and the further outcome we can expect the next time. We are looking at the locally 4-hour time-frame and there are some exciting and significant signs which I discovered determining golds ongoing price action. Will be great when you support the idea with a like or/and follow for more market insight!
Alright, when looking at my chart we can see that gold is currently consolidating in a side-ways correction after it made the run from 1450 to 1740, this is a normal mechanism in the markets after such a bullish run, traders taking profit and supply enters the market. Also, this sideways correction is forming a channel that you can see marked in my chart in black, this channel currently serves as the ongoing reference-point for gold where the consolidation continues.
Furthermore, we can expect the consolidation-period in the channel continues for the next time, what is important in such a structure is that we will get a heavy breakout with a high possibility after such a consolidation, in this case, the bullish breakout is more likely than the bearish breakout. Therefore the channel in which we are moving in at the moment suspected as a possible bull-flag which can break to the upside when it is confirmed properly.
What is also playing into the bullish breakout scenario of the possible bull-flag is the local strong support we have in the 1637 to 1642 level which you can see marked in my chart with the orange trend-line. This level is a meaningful level and will serve as the first fundamental respected level for support when we touch it. It is also the logical support-level from the highest we have built in the up-trend before at 1635. This level is also supported by the 400-EMA which we confirmed in the uptrend before, together with the local support it is building a strong and heavy confluence-zone there.
Alright, now it is important to be patient and look at how this scenario can play out. I would be cautious in opening a long-position right away. The wisest decision in such a structure is to wait on the proper confirmation of the possible bull-flag after we touched the local support. This will give the setup a higher probability when confirmed. The first targets will be at the blue rising-resistance-line which you see in my chart and even more when we get over this strong resistance-line.
Thanks for watching, feel free to support and look in my account for other free analysis, all the best and good weekend ;)
"The ambition to transform opportunity into gold remains the most significant tool for a trader."
In this manner: FAREWELL
Information provided is only educational and should not be used to take action in the markets.
Alright, when looking at my chart we can see that gold is currently consolidating in a side-ways correction after it made the run from 1450 to 1740, this is a normal mechanism in the markets after such a bullish run, traders taking profit and supply enters the market. Also, this sideways correction is forming a channel that you can see marked in my chart in black, this channel currently serves as the ongoing reference-point for gold where the consolidation continues.
Furthermore, we can expect the consolidation-period in the channel continues for the next time, what is important in such a structure is that we will get a heavy breakout with a high possibility after such a consolidation, in this case, the bullish breakout is more likely than the bearish breakout. Therefore the channel in which we are moving in at the moment suspected as a possible bull-flag which can break to the upside when it is confirmed properly.
What is also playing into the bullish breakout scenario of the possible bull-flag is the local strong support we have in the 1637 to 1642 level which you can see marked in my chart with the orange trend-line. This level is a meaningful level and will serve as the first fundamental respected level for support when we touch it. It is also the logical support-level from the highest we have built in the up-trend before at 1635. This level is also supported by the 400-EMA which we confirmed in the uptrend before, together with the local support it is building a strong and heavy confluence-zone there.
Alright, now it is important to be patient and look at how this scenario can play out. I would be cautious in opening a long-position right away. The wisest decision in such a structure is to wait on the proper confirmation of the possible bull-flag after we touched the local support. This will give the setup a higher probability when confirmed. The first targets will be at the blue rising-resistance-line which you see in my chart and even more when we get over this strong resistance-line.
Thanks for watching, feel free to support and look in my account for other free analysis, all the best and good weekend ;)
"The ambition to transform opportunity into gold remains the most significant tool for a trader."
In this manner: FAREWELL
Information provided is only educational and should not be used to take action in the markets.
Note
GOLD bounced within the local supports to form the breakout above the upper-boundaries and continue with strong volatility into the upper target-zones.Note
ANALYSIS UPDATE: The GOLD price-action greatly completed the major bull-flag-formation and increased massive volatility in the structure. ✔Note
ANALYSIS UPDATE: The GOLD price-action continued to breakout above the blue trendline above which the GOLD price-action massively increased with bullish momentum. ✔
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
►✅JOIN THE BEST+ TOP TELEGRAM TRADING CHANNEL: t.me/VincePrinceForexGoldStocks
►🚀Write To Join the Elite VIP Signal Channels: @Vince_Prince
►🔥JOIN BYBIT TOP EXCHANGE►🎁 UP TO $30,000 BONUS NOW: partner.bybit.com/b/VinceByBit
►🚀Write To Join the Elite VIP Signal Channels: @Vince_Prince
►🔥JOIN BYBIT TOP EXCHANGE►🎁 UP TO $30,000 BONUS NOW: partner.bybit.com/b/VinceByBit
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.