We are ready for a new bullish movement on XAUUSD
-Hypothesis: The price is about to start a new bullish movement IF we have the confirmation of the price reaching the green line.
-If the price does not reach the green line, we will not consider our Hypothesis Active.
-Invalidation level: Redline, this means that if the price does not reach our green line, we will consider that the hypothesis is no longer valid / Also, if the price reaches the green line, and then a new local low happens (Redline) we will consider our Hypothesis to be wrong.
-Expected target: 1950,00
-Risk-free level: 1860.00 This means that if the price goes in the expected direction and reaches 1860.00, we will move our stop loss to the entry level.
Possible duration of the movement: 5 to 12 weeks
Technical Explanation: The price is on a convergence zone (Ascending trendline + Key Support level + Cloned channel of the Flag pattern). After a clear rejection on the level (double bottom pattern), we saw a clear breakout of the inner descending trendline. Based on those items, IF we have a new local high, we will consider that a confirmation for the bullish movement.
Thanks for reading!
-If the price does not reach the green line, we will not consider our Hypothesis Active.
-Invalidation level: Redline, this means that if the price does not reach our green line, we will consider that the hypothesis is no longer valid / Also, if the price reaches the green line, and then a new local low happens (Redline) we will consider our Hypothesis to be wrong.
-Expected target: 1950,00
-Risk-free level: 1860.00 This means that if the price goes in the expected direction and reaches 1860.00, we will move our stop loss to the entry level.
Possible duration of the movement: 5 to 12 weeks
Technical Explanation: The price is on a convergence zone (Ascending trendline + Key Support level + Cloned channel of the Flag pattern). After a clear rejection on the level (double bottom pattern), we saw a clear breakout of the inner descending trendline. Based on those items, IF we have a new local high, we will consider that a confirmation for the bullish movement.
Thanks for reading!
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.