Bullish on Gold
Most recently I have been focusing on W pattern breakouts and they have been appearing all over the place now. The most recent breakout being in Gold along with a confluence of other breakout from key levels and patterns. How I measure the W pattern breakout is the length of the leg 4 of the W pattern from the neck line of the pattern or I use the shorter of the two valleys and in this pattern is about 70 dollars giving me a max profit target of 2570.
A couple of other possible breakout scenarios are the bullflag breakout on the 4 hr and daily chart. This can also be seen by price breaking out and above the top line of the bullish channel on the 2 hr. And yet another confluence pattern is the inverse head and shoulders that has set up from the beginning of the bull channel until now.
Would like to see a pullback to test the neck line of the W pattern before the next leg up or a breakout and consolidation holding up near the top of the bullish channel.
TP 1 2525
TP 2 2550
TP 3 2570
A couple of other possible breakout scenarios are the bullflag breakout on the 4 hr and daily chart. This can also be seen by price breaking out and above the top line of the bullish channel on the 2 hr. And yet another confluence pattern is the inverse head and shoulders that has set up from the beginning of the bull channel until now.
Would like to see a pullback to test the neck line of the W pattern before the next leg up or a breakout and consolidation holding up near the top of the bullish channel.
TP 1 2525
TP 2 2550
TP 3 2570
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