Gold formed a potential cup and handle pattern. Price break out of the handle, which is also a bullish flag and close above measured high. Therefore taking long positions should be safe now. The final target (1272) is the same price range as the initial bullish wave and represents 161.80% of Fibonacci extension.
The price may also re-test 1120 (from 1230) several times before the major movement up will be made.
This is fully consistent with the major downtrend channel on weekly chart (see related ideas).
The price may also re-test 1120 (from 1230) several times before the major movement up will be made.
This is fully consistent with the major downtrend channel on weekly chart (see related ideas).
Note
Man, this train is so fast. Closing above the red trend line would be nice.Note
Profits taken, possible correction back to 1220.Note
Price turned close before TP1 @ 127,20% Fibo extension. React strongly to 200 MA at weekly chart (see my weekly view). I am now looking for possible next buy entry around 50 or 100 MA on this 4H timeframe.Trade active
Note
50 MA as a support level.Note
Price broke bullish flag.Note
Price is stopping now the upward movement, because it hit it´s 200 MA on weekly chart again. Note
100 SMA, trendline from previously broken bullish flag and the trend line from upward channel served as supports. Gold increased it´s price immediately by 12 USD. Really nice short-term momentum.Note
TP1 reached.
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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.