Gold: Bullish Flag Formation Suggests Further Upside Potential
Hello guys, let's dive into Gold analysis!
Gold is currently forming a bullish flag pattern, a continuation formation that typically follows a strong upward impulse (flagpole). After a sharp rally, the price consolidated within a downward channel, creating the classic flag structure.
🔍 Technical Breakdown:
🎯 Price Targets:
📌 Key Levels to Watch:
Breakout Confirmation: A strong 4H close above the flag’s upper boundary (~$3,260) with volume confirmation would validate the pattern.
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Invalidation: A rejection from the resistance and a fall below the channel may delay the bullish scenario, potentially retesting lower support around $3,090.
📊 Conclusion:
This setup favors bulls, but patience is key. Traders may consider waiting for a clear breakout and retest for safer long entries, aiming for the outlined targets.
Gold is currently forming a bullish flag pattern, a continuation formation that typically follows a strong upward impulse (flagpole). After a sharp rally, the price consolidated within a downward channel, creating the classic flag structure.
🔍 Technical Breakdown:
- Flagpole: The strong bullish rally in early April marks the beginning of the uptrend.
- Flag (Channel): Price has corrected in a downward-sloping channel, respecting both upper and lower bounds, creating a textbook flag pattern.
- Breakout Zone: Price is now testing the upper boundary of the flag. A confirmed breakout above this resistance would signal a continuation of the prior uptrend.
🎯 Price Targets:
- First Target: Around $3,445, which aligns with the measured move from the breakout point.
- Second Target: Around $3,725, representing full flagpole projection from the breakout zone.
📌 Key Levels to Watch:
Breakout Confirmation: A strong 4H close above the flag’s upper boundary (~$3,260) with volume confirmation would validate the pattern.
_____________________________________
Invalidation: A rejection from the resistance and a fall below the channel may delay the bullish scenario, potentially retesting lower support around $3,090.
📊 Conclusion:
This setup favors bulls, but patience is key. Traders may consider waiting for a clear breakout and retest for safer long entries, aiming for the outlined targets.
Nota
The channel is not broken yet!Operación activa
👉 My recommended broker: bit.ly/HYMCMELI
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Telegram: t.me/melikatrader94
Forex: t.me/melikatrader94GoldForex
____
Telegram: t.me/melikatrader94
Forex: t.me/melikatrader94GoldForex
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Exención de responsabilidad
La información y las publicaciones que ofrecemos, no implican ni constituyen un asesoramiento financiero, ni de inversión, trading o cualquier otro tipo de consejo o recomendación emitida o respaldada por TradingView. Puede obtener información adicional en las Condiciones de uso.
👉 My recommended broker: bit.ly/HYMCMELI
____
Telegram: t.me/melikatrader94
Forex: t.me/melikatrader94GoldForex
____
Telegram: t.me/melikatrader94
Forex: t.me/melikatrader94GoldForex
Publicaciones relacionadas
Exención de responsabilidad
La información y las publicaciones que ofrecemos, no implican ni constituyen un asesoramiento financiero, ni de inversión, trading o cualquier otro tipo de consejo o recomendación emitida o respaldada por TradingView. Puede obtener información adicional en las Condiciones de uso.