GOLD /H4/ Weekly Outlook
It is mid-week, but we bring you weekly outlook for this and maybe next week.
Here on the chart we see consolidation after a strong bullish move, supported by world economic uncertanties. We also see that we have a triangle pattern which needs to be broken to show us the direction.
In the triangle we see 2 possible trading opportunities
1. LONG
- Price was testing resistance of the triangle for quite a while but wasn‘t able to push lover and pass small S/R zone at 1292 which could lead us to a potential break of the resistance and push towards 1306ish zone.
- IF price breaks resistance and holds above it we can see it heading to 1306
2. SHORT
- Along with triangle support line goes H4 EMA 50 as well and another S/R zone. If price pushes lower and manages to break all 3 - we could see push lower maybe even towards 1260 - as there is no real S/R zone in between.
// Most Important : DO NOT trade while price is ranging in the triangle. Be patient and wait for the break, retest and then execute.
Wish you many pips!
If you have different idea let us know in the comments.
If you want more of Weekly Outlooks support us by liking this one and following us.
Here on the chart we see consolidation after a strong bullish move, supported by world economic uncertanties. We also see that we have a triangle pattern which needs to be broken to show us the direction.
In the triangle we see 2 possible trading opportunities
1. LONG
- Price was testing resistance of the triangle for quite a while but wasn‘t able to push lover and pass small S/R zone at 1292 which could lead us to a potential break of the resistance and push towards 1306ish zone.
- IF price breaks resistance and holds above it we can see it heading to 1306
2. SHORT
- Along with triangle support line goes H4 EMA 50 as well and another S/R zone. If price pushes lower and manages to break all 3 - we could see push lower maybe even towards 1260 - as there is no real S/R zone in between.
// Most Important : DO NOT trade while price is ranging in the triangle. Be patient and wait for the break, retest and then execute.
Wish you many pips!
If you have different idea let us know in the comments.
If you want more of Weekly Outlooks support us by liking this one and following us.
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.