This chart shows a technical analysis of the Gold Spot vs. U.S. Dollar (XAU/USD) on the 4-hour timeframe, with a clear triangle breakout strategy:
Key Elements:
Triangle Pattern: A symmetrical triangle pattern formed between early April and mid-June, which has now broken out to the upside.
Breakout Confirmation: Price has broken above the triangle resistance, retested the breakout zone, and is attempting to move upward.
Entry Zone: The price is hovering just above the breakout level, suggesting this area as a potential buy entry.
Take Profit (TP) Levels:
First TP around $3,435.05
Second TP (extended target) around $3,515–$3,525
Stop Loss (SL): Placed below the triangle support around $3,349.28
Strategy Summary:
Entry: Near current price ($3,390.87) or on a small pullback.
Stop Loss: Below $3,349.28 (just under recent swing low and triangle support).
Target 1: $3,435.05
Target 2: ~$3,515–$3,525 for extended gain.
Interpretation:
This is a bullish breakout strategy. The retest of the breakout zone strengthens the bullish bias. As long as price stays above the stop loss zone, the outlook remains favorable for a move toward the take profit zones.
Let me know if you’d like this strategy translated into a code (e.g., for TradingView/Pine Script), or if you'd like help adjusting it for your risk management.
Key Elements:
Triangle Pattern: A symmetrical triangle pattern formed between early April and mid-June, which has now broken out to the upside.
Breakout Confirmation: Price has broken above the triangle resistance, retested the breakout zone, and is attempting to move upward.
Entry Zone: The price is hovering just above the breakout level, suggesting this area as a potential buy entry.
Take Profit (TP) Levels:
First TP around $3,435.05
Second TP (extended target) around $3,515–$3,525
Stop Loss (SL): Placed below the triangle support around $3,349.28
Strategy Summary:
Entry: Near current price ($3,390.87) or on a small pullback.
Stop Loss: Below $3,349.28 (just under recent swing low and triangle support).
Target 1: $3,435.05
Target 2: ~$3,515–$3,525 for extended gain.
Interpretation:
This is a bullish breakout strategy. The retest of the breakout zone strengthens the bullish bias. As long as price stays above the stop loss zone, the outlook remains favorable for a move toward the take profit zones.
Let me know if you’d like this strategy translated into a code (e.g., for TradingView/Pine Script), or if you'd like help adjusting it for your risk management.
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.
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.