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pjgonzales

Potential BULLISH PENNANT formation on XAUUSD

Long
Gold Spot / U.S. Dollar (FOREXCOM:XAUUSD)  
pjgonzales Updated   
FOREXCOM:XAUUSD   Gold Spot / U.S. Dollar
Trend Analysis Chart Patterns Wave Analysis XAUUSD xauusdlong bullflags LONG Bullish Patterns pennantbreakout Bullish Pennant
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trendanalysis chartpattern waveanalysis xauusd xauusdlong bullflags long bullish pennantbreakout bullishpennant
I am still very bullish on gold since USD was really strong last week and gold was barely affected. DXY also seems to be doing a double top soon on the H1-H4 time frame which could fuel a stronger bullish momentum for gold this week.

My personal entry point is on the stop hunt that I've shown on the chart.

If this chart helped at all, leave a like.
I would love any feedback/advice about my chart to correct any of my mistakes and learn more about TA.

DISCLAIMER: Not a financial advisor, I don't suggest using my ideas for your own as I am a complete amateur for TA.

Good luck to everyone!
Comment:
Pennant may be invalidated.. Gold seems to be going for new daily lows to prepare for upcoming US GDP on friday.
Comment:
Update: Pennant not invalidated as new trendlines have been formed for the pennant. Watch for a break through in this new pennant and a possible stop hunt at the bottom trend line this Friday during US GDP.

snapshot
Trade closed: target reached
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