Gold could test 1360

OANDA:XAUUSD   Gold Spot / U.S. Dollar
Based on the recent price structure, gold might be able to test recent yearly high at 1348 or get to a new yearly high at 1360. Take a look at the 1-hour chart. Gold corrected from 1348 to test price support at 1328. But support at 1327 could not hold, and then gold dropped to 1320. At 1320, buyers bought on dip and pushed gold up again to 1327 which was support then became resistance. Gold broke through 1327 easily and shoot up to 1338. Since yesterday, gold has been trading in a range which can be spotted as an ascending triangle pattern. This triangle has the flat line at 1338.

The ascending triangle is often a continuation pattern. If gold breaks the flat line or resistance at 1338, gold can go up to test resistance at 1340-1342 (and likely fill the opening gap on Monday). Price action at 1340-1342 can be important because if gold breaks through, it can go up to test yearly high at 1348 or make a new high at 1360. Moreover, a calculation of breakout's target from that ascending triangle pattern also leads to 1360. Fibonacci Extension suggests minimum target of 1341(61.8%), second target at 1348(100%) and third target at 1360 (161.8%).

On the downside, breakdown under the ascending triangle can lead gold to test supports at 1327 or 1320.

Comment: Gold breaks out above flat line. Now it is testing resistance at 1341. If it breaks through, expect a retest of 1348.
Comment: Gold is now testing second target at 1348.
Comment: Gold breaks 1348, now is heading to 1360 !


keep updating bro
+1 Reply
Very good work! Tx for sharing.
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