RLinda ! GOLD-> A triangle on an uptrend. What's next?
Updated
Gold is still in a range. A consolidation for a further breakout is forming. At the same time, a Triangle pattern is forming on the uptrend. There is a possibility that the growth will continue
The price is trading under resistance 1765 and tends to retest, at the same time we see the formation of local downward resistance (the upper boundary of the triangle). If this boundary is broken, the price may react violently and break out impulsively upwards. Above 1765, in the area of 1775-1780 is a strong liquidity zone and the price can pullback to 1765, here everything depends on the bulls. If they can strengthen their positions, the price will open the way to 1807.
A break-down triangle might take the price to the support level of 1717.
Long: If the price breaks the resistance of the triangle or the resistance of the 1765 range, consider taking long positions. The first target is 1780, then 1807. The third one is medium-term by Fibo 1822 and 1858.
Regards R.Linda!
The price is trading under resistance 1765 and tends to retest, at the same time we see the formation of local downward resistance (the upper boundary of the triangle). If this boundary is broken, the price may react violently and break out impulsively upwards. Above 1765, in the area of 1775-1780 is a strong liquidity zone and the price can pullback to 1765, here everything depends on the bulls. If they can strengthen their positions, the price will open the way to 1807.
A break-down triangle might take the price to the support level of 1717.
Long: If the price breaks the resistance of the triangle or the resistance of the 1765 range, consider taking long positions. The first target is 1780, then 1807. The third one is medium-term by Fibo 1822 and 1858.
Regards R.Linda!
Note
Gold breaks resistance of the Triangle pattern upwards
Price is squeezed between the previously broken line and resistance 1765
Buyers and sellers are fighting for the level and the zone.)
Two scenarios to buy:
1) If price begins to consolidate above the previously broken boundary, it is possible to open long positions
2) Wait for a breakdown of resistance at 1765 and for the price to consolidate above this level for buying
Note
1765
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