The longterms pattern - the bullish flag - sounds the bell for the next round - and is still valid! Trading above the illustrated flags upper edge will open the TP @ 1402$. The flag pattern is as long valid as XAU is not trading below 1195$. If you are an anticyclical shortterm trader, a shortposition at the actual level is thinkable - TP could be the uptrends bottom edge at 1240$ and the flag bodys bottom at 1200$ In my chart i have illustrated both positions.
former analysis: LONG AGAIN? IMO the correction we see this moment has just a shortterm consolidating character. The consolidation down to 1270$ was just the minimum correction of the last upmove (1228-1301)..we hitted the 38,2 fibo-retracement. If xau will not trade below the 0,5 fibo respective 61,8% i exspect new Highs, because i clearly see the bullish flag pattern with TP @ 1420 . Additional, i see a clear 1-2-3-long Setup...
Update: Adjustment of the origin flag
GOLD WITH BULLISH FLAG AND 1-2-3-BREAKOUT CHANCE? Gold-0.46% on it s way up or will the consolidation go on?
Former Analysis: Double Bottom or new selling Signal? XAU is near it s former low at 1.071$ . With Prices below that Level, the downtrend will perhaps tighten with the tp, mentioneds in my former Analysis (TP from the flag) at 1.035$. Could the Level at 1.070$ be defendet, xau has the Chance to develop a double bottom. Fiorst target (minimal target) of that Formation would be the 38,2 fibo at 1.116$ Will XAU break it s resistance ? The resistance Zone is characterized through the sma200 and the old supporting trendline which turned into resistance. If xau can trade above this Level @ 1175 the next tp can be 1210$. If the resistance could not beaten, a new downswing can be exspected. The tp of this downswing could be 1125
PERFECT TIMING MINIMAL TARGET @ 1.125$ REACHED
Trade active
⋅
Fictive Longterm Position triggered
Comment
⋅
Flag-Move in full swing...
Comment
⋅
nearly reached TP...
Comments
The_Cannalyst
⋅
Example for an Initial SL. I chosed a Level near below the 61,8 fibo-retracement of the latest upmove. Here is defined the Maximum correction Level of that move.
The_Cannalyst
⋅
preferred Szenario is a dip to the 38,2 fibo @ 1.273 or a touch of the breakout Level @1.290. Perhaps the overshooting will go a bit further - this is the illustrated blue line