Hello everyone this is my gold idea on monthly time frame ..
Few thing to keep in mind ..
Gold broken the down trend .. when gold had a monthly close above red line ..
Gold retested red line which was previous ATH resistance now became support ..
Now gold price is ranging which could form a triangle or a flag ..
Now the question we ask our self .. we could have a cup and handle pattern as show in the chart below
But Will this pattern be valid if we have a breakout because as you can see in the chart ... before in gold we had a clear breakout .. then price crashed ( bull trap )
So my question is are we gonna repeat history or we our cup and handle pattern will be successful I leak toward bullish .. but anything can happen
for any question feel free to ask :)
Few thing to keep in mind ..
Gold broken the down trend .. when gold had a monthly close above red line ..
Gold retested red line which was previous ATH resistance now became support ..
Now gold price is ranging which could form a triangle or a flag ..
Now the question we ask our self .. we could have a cup and handle pattern as show in the chart below
But Will this pattern be valid if we have a breakout because as you can see in the chart ... before in gold we had a clear breakout .. then price crashed ( bull trap )
So my question is are we gonna repeat history or we our cup and handle pattern will be successful I leak toward bullish .. but anything can happen
for any question feel free to ask :)