Gold is making a textbook example of descending triangle correction. It is forming after a rather big bullish move. It will take a few days fort he formation to finish. Looking for validation of our assumption. Since the move before the formation of a corrective triangle was bullish we do expect the next move after the breakout out of the triangle to be bullish as well.
On the shorter 4H timeframe, we can see a short bullish opportunity, as the price has just bounced off the support line. Stop losses just below the line, in case that a smaller breakout happens.
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We wish you good luck with your trading!
On the shorter 4H timeframe, we can see a short bullish opportunity, as the price has just bounced off the support line. Stop losses just below the line, in case that a smaller breakout happens.
Feel free to pick up a copy of our Free Weekly Market Outlook here:
mailchi.mp/bc78576d6...eweeklymarketoutlook
We wish you good luck with your trading!