GOLD - Ascending triangle breakout. Target calculations included

TVC:GOLD   CFDs on Gold (US$ / OZ)
In my previous analysis of gold , I showed an ascending triangle pattern to be forming with all the relevant criteria met for such a pattern:
- A fake-out was seen just prior to the breakout, with price making a move below the ascending trend support of the pattern, and then subsequently making a move back inside the pattern
- Price then broke out as it reached the apex of the triangle.
- Typically, to calculate a target (TP) for this pattern, the high formed during the pattern, as well as the low of the pattern would be subtracted. With the pip range formed from this calculation being added to the breakout price.

- High of the pattern was 1508
- Low of the pattern was 1481

HIGH - LOW = 1508 - 1481
=>27 PIPS
Add this onto the breakout price (1508) and you get 1535 as the target price

hi James ,awesome Man. I appreciate all ur work especialy in gold almost every movement u predict in gold is 90 % rights .keep it up lots of learning from u
nice work!
+1 Reply
Well done!
Spot on !
I've been trading Gold for quite a while now and all i can say is you gotta be patient. Of course like any other market it makes occasional but quick pull backs to it's key resistance levels but this i gold we are talking about guys. It has much more potential to grow if you think about it.
+2 Reply
Sir till when the bull will continue and why there is no real correction since 3 weeks ?
James, flag 30% ?, so rally 50 pips ?
+2 Reply
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