Gold has reclaimed its contracting price action and will likely breakout to the upside
with a target of 2201. Stops would be below the middle of the pennant pattern. 1775 or so.
Losing the middle price action could take this in the opposite direction therefore we must
manage risk and stay vigilant until price action has broken out of the pennant pattern and successfully
retested, where it would be a buying opportunity to add to the positions.
with a target of 2201. Stops would be below the middle of the pennant pattern. 1775 or so.
Losing the middle price action could take this in the opposite direction therefore we must
manage risk and stay vigilant until price action has broken out of the pennant pattern and successfully
retested, where it would be a buying opportunity to add to the positions.
Note
That should read "reclaimed the middle of its contracting price action"This is likely going to breakout as it has touched the upper line (blue) several times.
Note
Possibly retesting the upper trendline (blue). If the hypothesis is right then it should bounce at said line thereabouts. Losing the middle of the pennant pattern puts this hypothesis in to question.
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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.
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.