Gold Spot (XAU/USD) → Symmetrical Triangle Breakout and Bullish for OANDA:XAUUSD by melikatrader94

Gold Spot (XAU/USD) → Symmetrical Triangle Breakout and Bullish

1. Chart Overview:
- The chart is of Gold Spot vs. US Dollar (XAU/USD) on a 4-hour timeframe.
- Current price: around 2,360.610.
- There are various annotations including trendlines, support and resistance levels, and potential price targets.

2. Key Patterns:
- Symmetrical Triangle: The yellow shaded area represents a symmetrical triangle pattern. This is a continuation pattern that usually forms during a trend as a consolidation phase before the price moves in the direction of the prior trend.
- Breakout: It appears there has been a breakout to the upside from the symmetrical triangle. This suggests a bullish continuation.

3. Support and Resistance Levels:
- Support: Around the 2,290.189 level, indicated by the grey shaded area at the bottom. This is a critical support level, which the price tested before moving up.
- Resistance: There is a significant resistance level around 2,416.400, marked by the light blue shaded area at the top. This is the target zone for the next bullish move.

4. Potential Price Movement:
- The curved arrow suggests a possible retracement before a further upward move towards the resistance level around 2,416.400.
- The price may find support around the 2,350-2,360 range (near the breakout point) before moving higher.

5. Trendlines:
- The dotted trendlines suggest an upward channel within which the price is expected to move.
- The upper and lower boundaries of this channel provide additional support and resistance levels.

6. Price Target:
- The immediate price target, as indicated on the chart, is 2,416.400.
- The support level to watch is 2,290.189, which would be critical in case of a downward movement.

Summary:
The chart indicates a bullish outlook for the Gold Spot vs. the US Dollar with a breakout from a symmetrical triangle pattern. The price is likely to retrace slightly before continuing its upward move towards the target of 2,416.400. Key support levels are around 2,290.189 and 2,350-2,360. The upward trend channel suggests the price will respect these boundaries during its move.
___________________________

✓✓✓ Always do your research.

❒❒❒ If you have any questions, you can write them in the comments below, and I will answer them.

❤︎ ❤︎ ❤︎And please don't forget to support this idea with your likes and comment

Trade active

Trade closed: target reached

target touched:

melikatrader94

👉 my broker:: bit.ly/HYMCMELI
____

telegram channel: t.me/melikatrader94
forex telegram channel: t.me/melikatrader94GoldForex

Also on:

Related publications

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.

melikatrader94