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BarryStocks

Gold/USD verging on ascending triangle breakout

Long
Gold Spot / U.S. Dollar (OANDA:XAUUSD)  
BarryStocks Updated   
OANDA:XAUUSD   Gold Spot / U.S. Dollar
Support and Resistance Multiple Time Frame Analysis Triangle ichimokukinkohyo goldlong Ascending Triangle
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supportandresistance mtfa triangle ichimokukinkohyo goldlong ascendingtriangle
After spiking amidst the banking panic of early 2023, gold steadily declined throughout the summer, before charging forward towards a spectacular year-end finish. Although a weak 2024 debut has tarnished the yellow metal in the eyes of some, it could be headed for new highs much sooner than they expect.
Comment:
Gold's low today provided a third touchpoint on the triangle's support line, adding further confirmation of the trendline. Expect further testing of support early next week, with an impulsive break above resistance the following week after testing kumo.
Comment:
Price dipped below the support line, but kumo appears to be doing its job providing support and pushing the weekly close back above the trendline. Breakout watch is on for next week!
Trade closed manually:
Was looking good early in the week, but higher market volatility didn't break the way I was hoping. Closing out this idea as an L, but continue watching for an eventual daily kumo breakout.
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