GOLD (XAUUSD) H4 - Massive Bull Formation
1) Bullish pennant pattern (consolidation after leg up)
2) Bullish divergence on RSI
Target #1 (short-term trade): 1,296
Target #2 (short-term trade): 1,303
Target #3 (medium-term trade): 1,322
Long-term:
It has the potential to breakout to new highs as a bullish continuation pattern, especially if global equity markets pullback further (the risk to the trade being markets may keep rising instead).
2) Bullish divergence on RSI
Target #1 (short-term trade): 1,296
Target #2 (short-term trade): 1,303
Target #3 (medium-term trade): 1,322
Long-term:
It has the potential to breakout to new highs as a bullish continuation pattern, especially if global equity markets pullback further (the risk to the trade being markets may keep rising instead).
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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.