Gold (XAUUSD) has been trading within a 15-month Channel Up (since the October 06 2023 Low) and it's been under bearish pressure since the most recent October 30 2024 Higher High of the pattern.
The consolidation around the 1D MA50 (blue trend-line) since the November 14 2024 Low formed a Triangle pattern that is consistent with the previous two bottom formations (Higher Lows) of the Channel Up.
More specifically, last Friday's rejection on the 1D MA50 is technically the 3rd since the November 14 2024 Low. In the previous two bottom formations, Gold never had a 4th rejection, on the contrary when it broke above the 1D MA50 after the 3rd, it also broke above the Triangle patterns, and technically initiated the new Bullish Leg of the pattern.
The 1D MACD sequences are also similar among those fractals, in fact we just completed the 2nd Bullish Cross below the 0.000 level, which was the Buy Signal before the 1D MA50/ Triangle top bullish break-out.
As a result, we expect the new Bullish Leg to start soon and since both previous rallies have been at least +21.85%, our Target now is even below that estimate at $3000.
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The consolidation around the 1D MA50 (blue trend-line) since the November 14 2024 Low formed a Triangle pattern that is consistent with the previous two bottom formations (Higher Lows) of the Channel Up.
More specifically, last Friday's rejection on the 1D MA50 is technically the 3rd since the November 14 2024 Low. In the previous two bottom formations, Gold never had a 4th rejection, on the contrary when it broke above the 1D MA50 after the 3rd, it also broke above the Triangle patterns, and technically initiated the new Bullish Leg of the pattern.
The 1D MACD sequences are also similar among those fractals, in fact we just completed the 2nd Bullish Cross below the 0.000 level, which was the Buy Signal before the 1D MA50/ Triangle top bullish break-out.
As a result, we expect the new Bullish Leg to start soon and since both previous rallies have been at least +21.85%, our Target now is even below that estimate at $3000.
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** Please LIKE 👍, FOLLOW ✅, SHARE 🙌 and COMMENT ✍ if you enjoy this idea! Also share your ideas and charts in the comments section below! This is best way to keep it relevant, support us, keep the content here free and allow the idea to reach as many people as possible. **
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👑Best Signals (Forex/Crypto+70% accuracy) & Account Management (+20% profit/month on 10k accounts)
💰Free Channel t.me/tradingshotglobal
🤵Contact info@tradingshot.com t.me/tradingshot
🔥New service: next X100 crypto GEMS!
💰Free Channel t.me/tradingshotglobal
🤵Contact info@tradingshot.com t.me/tradingshot
🔥New service: next X100 crypto GEMS!
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.