GOLD Breakout! Now S&R Zone Must Hold.
Hello dear precious metals friends, hope you're doing well guys! ;)
First of all: Trading is not about being right: It is about seeing the information that is in the chart already. So, ask yourself please, who from the Top Authors showed you this information on TradingView:
=> Did you see anyone talking about the Equilibrium Pennant/Ascending Triangle that saw a breakout now? => All I was reading was 'How to short Gold now'.
But seeing the information in the chart is crucial guys. It can still fake-out or not see follow-through, but you have to be able to at least read the chart yourself & recognize patterns correctly, especially if you're lecturing other people.
So: We saw a breakout, and now it is gonna be crucial to hold the breakout zone as support, which comes in at $1,425-1,420.
If Gold can hold that range, we will head towards $1,480 and $1,500 eventually.
If we on the other hand completely fake-out now, and break into the range again, this will be very bearish. So far it still looks good/can see continuation. For all breakout traders: You should be already in a position by now. Have a wonderful weekend! ;)
If you had some value from my analysis, give it a thumbs-up & comment it, because the mechanism shows my analysis to other people then. Make also sure to follow me so you get notified on my Crypto Analyses! I wish you a good trading! :)
Edgy is providing online mentorship & trading metrics only. We are not a financial advisor, nor do we hold any formal qualifications in this area. You're trading at your own risk. No matter what you do, please set your stop loss. Please be aware, that you can lose all your money on the online exchanges.
First of all: Trading is not about being right: It is about seeing the information that is in the chart already. So, ask yourself please, who from the Top Authors showed you this information on TradingView:
=> Did you see anyone talking about the Equilibrium Pennant/Ascending Triangle that saw a breakout now? => All I was reading was 'How to short Gold now'.
But seeing the information in the chart is crucial guys. It can still fake-out or not see follow-through, but you have to be able to at least read the chart yourself & recognize patterns correctly, especially if you're lecturing other people.
So: We saw a breakout, and now it is gonna be crucial to hold the breakout zone as support, which comes in at $1,425-1,420.
If Gold can hold that range, we will head towards $1,480 and $1,500 eventually.
If we on the other hand completely fake-out now, and break into the range again, this will be very bearish. So far it still looks good/can see continuation. For all breakout traders: You should be already in a position by now. Have a wonderful weekend! ;)
If you had some value from my analysis, give it a thumbs-up & comment it, because the mechanism shows my analysis to other people then. Make also sure to follow me so you get notified on my Crypto Analyses! I wish you a good trading! :)
Edgy is providing online mentorship & trading metrics only. We are not a financial advisor, nor do we hold any formal qualifications in this area. You're trading at your own risk. No matter what you do, please set your stop loss. Please be aware, that you can lose all your money on the online exchanges.
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.