🥇 GOLD Triangle formation on an uptrend
Gold forms a small pullback from the Gartley pattern and moves into a triangle formation. Flying to the moon?
1) The pullback after the Gartley pattern formation sent the price to the 1866 area, where the price found support
2) It formed a triangle on the uptrend.
3) Breaking through the resistance of the triangle sends the price to 1894.
4) The trend is upward.
5) The price is consolidating above the volume density, which tells us that we are not going to fall yet
Let's focus on a breakout of resistance. There are two possible ways to buy
1) At the first breakdown of resistance of the triangle
2) On the pullback after the breakdown. We wait for the consolidation above the earlier broken through line. Then buy.
1) The pullback after the Gartley pattern formation sent the price to the 1866 area, where the price found support
2) It formed a triangle on the uptrend.
3) Breaking through the resistance of the triangle sends the price to 1894.
4) The trend is upward.
5) The price is consolidating above the volume density, which tells us that we are not going to fall yet
Let's focus on a breakout of resistance. There are two possible ways to buy
1) At the first breakdown of resistance of the triangle
2) On the pullback after the breakdown. We wait for the consolidation above the earlier broken through line. Then buy.
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