XAUUSD Ascending tunnel 4h
Updated
Since 5th of June to today - ascending tunnel formation built out of higher highs and higher lows creating the shape of a tunnel going up.
The range to sustain the pattern is 1789 - 1825.
A break below 1789 with a 4h close, will allow for further decline down, as a first stage to 1760 hourly support.
A break above 1825 with a 4h close, will allow for target of 1920 weekly resistance to reach in the short-medium term.
Important levels range at the high 1790's and low 1800's.
Triple top between 2011-2013 on the weekly level show around 1800 - relevance to today is high.
A break above will be significant for the continuation of the uptrend breaking new highs.
On a fundamental level, needless to say, 10 trillion USD printed money together with overall lack of certainty and hysteria continue to push Gold higher.
Printed money dropping the US $ value and lack of real investment in equities don't provide much ground for drop of Gold price below important supports.
The range to sustain the pattern is 1789 - 1825.
A break below 1789 with a 4h close, will allow for further decline down, as a first stage to 1760 hourly support.
A break above 1825 with a 4h close, will allow for target of 1920 weekly resistance to reach in the short-medium term.
Important levels range at the high 1790's and low 1800's.
Triple top between 2011-2013 on the weekly level show around 1800 - relevance to today is high.
A break above will be significant for the continuation of the uptrend breaking new highs.
On a fundamental level, needless to say, 10 trillion USD printed money together with overall lack of certainty and hysteria continue to push Gold higher.
Printed money dropping the US $ value and lack of real investment in equities don't provide much ground for drop of Gold price below important supports.
Note
Just click 'play' to see a projection come to life! 'A break above 1825 with a 4h close, will allow for 1920 weekly resistance to be reached in the short-medium term'
Just weeks later, Gold didn't only reach 1920, it broke way higher and went to 2080 in just under 7 weeks.
A $300 catch in 8 weeks.
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