FXShinobi

GOLD H4 ANALYSIS - ASCENDING TRIANGLE PATTERN BULLISH?

Long
OANDA:XAUUSD   Gold Spot / U.S. Dollar
Hey traders, as the day comes to a close, I am looking at this setup for Gold on the H4 charts.

I have drawn from what I see an ascending triangle pattern. Price has come down to test the ascending line, with 2 long wicks forming on the H4.

This represents demand from buyers who are either taking profit or entering into long positions.

The risk to reward of this trade is 3.

There is a minor S/R at 1495, so if price can break that, then I am really bullish until the major S/R.

On the MACD we can also see that although bearish , the momentum for the bears seems to be decreasing.



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