By analyzing the 4-hour chart of gold, we can see that gold has been in a strong bullish move and then entered a corrective channel, illustrated by the blue channel. As we can observe, the price has respected the boundaries of this channel quite well, bouncing off both the upper and lower limits. In the most recent interaction, it appears that the price has potentially broken above the upper boundary of the channel. However, to confirm this breakout, we should wait for a strong bullish candle and possibly a pullback to the top of the channel.
My analysis suggests that based on the flag pattern, gold could rise to the 3620 level — which corresponds to the height of the previous bullish impulse or the height of the channel itself.
My analysis suggests that based on the flag pattern, gold could rise to the 3620 level — which corresponds to the height of the previous bullish impulse or the height of the channel itself.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.