Bullish flagpattern? GOld ready for bullish breakout?
Hi guys. Quick update on gold.
After the pinbar candle in daily timeframe. GOld fell around 300pips. COngrats to those who took my advice. TOday gold tested the strond 1953 resistance zone and gave a strong rejection around 220pips. In the higher timeframe gold is moving between a Chanel wich tested support 3times. Also a bullish flagpattern is forming wich indicated a posible bullish breakout.
Either gold will break out in short notice. Or gold will fall again toward 1953-1950 and then reject this resistance to the upside and breaks out to the upside testing the strong 1983-1985 resistance. Wich highly posible will break so gold can rise to 2009 resistance level.
So that said we have 3 strong indicators gold remains bullish in the bigger picture.
1. bullish flagpattern
2. support channel
3. strong 1953's support level
If 1953 fails. Then there stil 1930's to be tested. BIg change these level will prevent gold from falling below.
Resistance: 1985, 2009, 2025, 2065
Support: 1953,1930
After the pinbar candle in daily timeframe. GOld fell around 300pips. COngrats to those who took my advice. TOday gold tested the strond 1953 resistance zone and gave a strong rejection around 220pips. In the higher timeframe gold is moving between a Chanel wich tested support 3times. Also a bullish flagpattern is forming wich indicated a posible bullish breakout.
Either gold will break out in short notice. Or gold will fall again toward 1953-1950 and then reject this resistance to the upside and breaks out to the upside testing the strong 1983-1985 resistance. Wich highly posible will break so gold can rise to 2009 resistance level.
So that said we have 3 strong indicators gold remains bullish in the bigger picture.
1. bullish flagpattern
2. support channel
3. strong 1953's support level
If 1953 fails. Then there stil 1930's to be tested. BIg change these level will prevent gold from falling below.
Resistance: 1985, 2009, 2025, 2065
Support: 1953,1930
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