Still Bullish on $GOLD
Updated
I am trusting the pattern that has emerged on the 
GOLD price hourly chart in a strong ascending channel indicating a high of $2,570 by Monday night. 3 phases have emerged over the past 2weeks after sustained strong price reversal days (8th and 16th August 2024).
The price has been rising into a green phase where it fluctuates over 30-36hrs testing the resistance and support from previous prices before breaking out for a second ascend to breach the next resistance and make the high of the next >72hrs (green flag).
The red flag (high of next >72hrs) is near the channel's ascending support line and begins the amber phase which has a slight decline to test an immediate support within the ascend from the green phase. the 1st test rebounds slightly towards the high set at the beginning but certainly lowers back.
This starts the red phase towards the 72hrs low which is a target for entry to catch the next rapid +2% rise (green flag).
The green flag is occurring without any decent test of the ascending support line for this bullish channel. You will see the pink zone is hardly occupied by any candles (any red ones at that!). If the pattern persists and the next green flag produces the same +2%...$2,550 - $2,570 is a target price for this analysis.
GOLD price hourly chart in a strong ascending channel indicating a high of $2,570 by Monday night. 3 phases have emerged over the past 2weeks after sustained strong price reversal days (8th and 16th August 2024). The price has been rising into a green phase where it fluctuates over 30-36hrs testing the resistance and support from previous prices before breaking out for a second ascend to breach the next resistance and make the high of the next >72hrs (green flag).
The red flag (high of next >72hrs) is near the channel's ascending support line and begins the amber phase which has a slight decline to test an immediate support within the ascend from the green phase. the 1st test rebounds slightly towards the high set at the beginning but certainly lowers back.
This starts the red phase towards the 72hrs low which is a target for entry to catch the next rapid +2% rise (green flag).
The green flag is occurring without any decent test of the ascending support line for this bullish channel. You will see the pink zone is hardly occupied by any candles (any red ones at that!). If the pattern persists and the next green flag produces the same +2%...$2,550 - $2,570 is a target price for this analysis.
Trade active
With London not really waking up today, signals will be clearer from around midday GMT and post Durable Goods orders report after 1330 GMT. 'London session' already bullish.Trade closed: stop reached
unexpected consolidation
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