The PATTERN was TRIGGERED! A MTFA.
Hello everyone! So GOLD is doing what was expected. I said in my last analysis that I was frustrated with GOLD because it was taking too long to breakout from this triangle/pennant, but just when I whined about it, the pattern was confirmed. If you missed my last GOLD analysis, the link to it is below. Also, I invite you to follow me to keep in touch with our trades and analyses. My twitter has some interesting stuff too, check it and see for yourself!
As I said in my last analysis, a bullish breakout is more desirable than a bearish one. GOLD has a lot of strong supports, as you see in the chart. Now, let’s look at the hourly chart:
The price found support at the “war zone”, a strong zone where the price found support and resistance multiple times in the past, and now it hit another resistance, that blue line, a good place to the bulls take a nap in order to restore their strength. I always like to take a look at the weekly chart too, but this time, I’ll show you the monthly chart:
Since the triangle/pennant pattern was triggered at the daily chart, whe can expect GOLD will find the next strong resistance near the U$ 1.8k, which is the previous resistance at the monthly chart, and a natural target for the triangle. Let’s see how the bulls will manage this!
Remember to follow me, I’m a trader who uses the classic technical analysis (barely any indicator, just the candles and the volume). Like this idea if it helped.
Thank you very much.
* LIKE this idea and FOLLOW me, because:
- Here, you will see clean charts;
- Trades with clear risk management;
- The best of Dow Theory, Price Action and Candlestick psychology;
- Chart patterns with statistics. *
* My name is Nathan, I'm a trader and portfolio manager and I'm here to LEARN. Leave your COMMENT and FOLLOW me to keep in touch. *
As I said in my last analysis, a bullish breakout is more desirable than a bearish one. GOLD has a lot of strong supports, as you see in the chart. Now, let’s look at the hourly chart:
The price found support at the “war zone”, a strong zone where the price found support and resistance multiple times in the past, and now it hit another resistance, that blue line, a good place to the bulls take a nap in order to restore their strength. I always like to take a look at the weekly chart too, but this time, I’ll show you the monthly chart:
Since the triangle/pennant pattern was triggered at the daily chart, whe can expect GOLD will find the next strong resistance near the U$ 1.8k, which is the previous resistance at the monthly chart, and a natural target for the triangle. Let’s see how the bulls will manage this!
Remember to follow me, I’m a trader who uses the classic technical analysis (barely any indicator, just the candles and the volume). Like this idea if it helped.
Thank you very much.
* LIKE this idea and FOLLOW me, because:
- Here, you will see clean charts;
- Trades with clear risk management;
- The best of Dow Theory, Price Action and Candlestick psychology;
- Chart patterns with statistics. *
* My name is Nathan, I'm a trader and portfolio manager and I'm here to LEARN. Leave your COMMENT and FOLLOW me to keep in touch. *
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