GOLD - SYMMETRICAL TRIANGLE BREAKOUT. MORE UPSIDE AHEAD ?
Обновлено
Symbol - XAUUSD
Gold was trading inside the flat 2420 - 2370 forming a symmetrical triangle. Traders were continue to struggle for the area of 2400 & it just gave a breakout.
Around 2400, There is a rather encouraging situation indicating how the bulls continue to hold the support of the global trend.
The issue of aggressive easing of the US Fed policy is still relevant. Likewise, speculators are closely watching developments around Iran's attack on Israel. If it happens, it is likely to give additional impetus to the growth of gold prices. Meanwhile, Initial Jobless Claims of the US may provide short-term potential for the markets.
Support level as of now: 2380
The problem with the triangle, price behavior and the current situation is that the market is neutral, as the price is in consolidation.
Prerequisites for growth:
- Bullish market retention on the larger timeframe
- Strong reaction to the key support zone
- Strong buyers have not left the market yet and continue to buy back the asset
- Fundamentally, gold has strong support (hedge asset)
- Strong market reaction to a false break of local support
- Buyers do not let the price go below 2380
- Retests of 2400 continue
- Volumes
- Large pool of liquidity, interesting for MM, above 2420
- Fundamental nuances due to the Middle East
P.S. : I'm holding hold position in Gold with 2380 SL.
Gold was trading inside the flat 2420 - 2370 forming a symmetrical triangle. Traders were continue to struggle for the area of 2400 & it just gave a breakout.
Around 2400, There is a rather encouraging situation indicating how the bulls continue to hold the support of the global trend.
The issue of aggressive easing of the US Fed policy is still relevant. Likewise, speculators are closely watching developments around Iran's attack on Israel. If it happens, it is likely to give additional impetus to the growth of gold prices. Meanwhile, Initial Jobless Claims of the US may provide short-term potential for the markets.
Support level as of now: 2380
The problem with the triangle, price behavior and the current situation is that the market is neutral, as the price is in consolidation.
Prerequisites for growth:
- Bullish market retention on the larger timeframe
- Strong reaction to the key support zone
- Strong buyers have not left the market yet and continue to buy back the asset
- Fundamentally, gold has strong support (hedge asset)
- Strong market reaction to a false break of local support
- Buyers do not let the price go below 2380
- Retests of 2400 continue
- Volumes
- Large pool of liquidity, interesting for MM, above 2420
- Fundamental nuances due to the Middle East
P.S. : I'm holding hold position in Gold with 2380 SL.
Сделка активна
CMP 2422
Shared this trading idea on breakout of 2400 zone & after that it gave a good up move.
2422 - 2425 is resistance area. Let's see how price behaves on this resistance. Crossing this resistance zone will invite more buying in gold & it will move towards 2435 - 2440.
Сделка активна
GOLD is working out the range support and realizing the potential of the pattern "symmetrical triangle" in a bullish direction. On 1-4 hour TF the market is in a sideways range, locally we are dealing with a bullish trend.
There is no news today. Technically, a bullish market is developing. Global trend is upward, local trend is neutral with bullish prerequisites.
The price is squeezed between the resistance at 2432, which is the key resistance. A breakdown and consolidation above this zone will open a huge potential for the market.
On 1 hour TF, consolidation is forming above the support at 2418, a retest and liquidity capture is possible before further growth, as the bullish potential is not exhausted yet and the upward movement can be continued, but after a small correction. The market is perfectly working the lower boundary of the range 2369 and now considers the upper boundary 2477 as a potential.
Сделка закрыта: достигнута тейк-профит цена
CMP 2436
As I discussed earlier, upon crossing 2422 - 2425 zone, It can easily touch 2435 - 2440. View was correct & It played out exactly like that. My long position is active from 2395 which was triangle break out level. Booking my long position here.
Комментарий
CMP 2477
On Saturday, I emphasized 2435 - 2340 zone. Price sustaining above this level can lead to growth and reaching 2477.
A small risk, 3 days and huge profit in your pocket. :)
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