XAUUSD Gold I SHS and Bullish Flag Potential Long Opportunity
On the H4 chart timeframe, we can see that Inv. Head and Shoulders pattern and Bullish Flag formation.
Both neckline and baseline of the patterns are located at the same level.
As we have published in our previous XAUUSD trade idea which we have entered already, we look for a buying opportunity as soon as the price breaks above the trend line.
The targets of the formations are 1312 and 1324. Stop Loss must be placed below 1296.
DISCLAIMER: This is a technical analysis study, not an advice or recommendation to invest money
Wait till one of these economies (US, Germany, Italy, France, China) coughs.. and ALL the dominos will fall. $1300 will be a very conservative number for gold. Specially when over 7 nations are repatriating and increasing gold purchases.