The price of the XAUUSD has skyrocketed by the market. Due to this uptrend, the of the triangle have been broken.
From this we can say that a new trend is under way. After zone 1240 has passed, a temporary pullback is created.
when this pullback ends there will be a new upward movement. I think that this upward trend will have a minimal effect towards the 1260 zone.
For now, the small (blue) is respected. If this continues, I expect that the price will reach the TP.
If our TP is reached and the analysis went well, we have a profit of:
- TP #1 +/- 160 pips
The safest place for a stop loss is point 1235.00 ( +/- 80 pips). You can of course always adjust this. This is due to the operation of your own money management.
Good learning point for the next analysis. There is a great change price will reach the 1260 zone. I will update the analysis if it reaches the TP.
TP = 1260.00- 1244.00
TP = 160 pips!
Congratulations for the people who took the trade!
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