LDForex_

XAUUSD- Bullish Symmetrical Triangle Pattern!

Long
OANDA:XAUUSD   Gold Spot / U.S. Dollar
-This is a good opportunity to enter a long for gold .
-As price broke the ascending triangle , I am looking for a retracement of the supply turned demand zone .
-There is a confluence of the 23.8% fib level which is line with the demand zone which suggests price has a high probability of reaching the zone and retrace to the upside.
-The 50EMA also adds another confluence as EMA is below price which indicates a bullish trend and looking for bullish signals for Gold .
-I am hoping price will reach the monthly higher highs (1797.791) which can be set as a TP.
Let's see how price will react during the week!
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Comments

Nice analysis, looks like that target will get hit
+1 Reply
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