XAUUSD - Prediction - Bullish overall

FX:XAUUSD   Gold/U.S. Dollar
5 months ago
We can see that gold             has been following a certain pattern for the past 2-3 weeks. Each of these past patterns is coded in different colours.

Pattern Explained:

Basically, following a printing of a new high, gold             falls to a lower high. Gold             then forms a double bottom which follows with the next run leading to new highs. This pattern has proved effective on gold             even with last week's GDP data which hinted towards bearish gold             (link in related ideas). However, be broke to a new high.

On the first pattern. The lower high was at 0.5 fib
On the second pattern. The lower high was at 0.6 fib
On the third pattern? Could be 0.7 due to showing strength of bulls.

Could the end of this final pattern lead to our final breakout needed for 1300±

Safe and successful trading

5 months ago
Comment: First leg seems completed, entered long. TP 1280

Related Ideas

Ideas Scripts Chart
United States
United Kingdom
Home Stock Screener Forex Screener Economic Calendar How It Works Chart Features House Rules Moderators For the WEB Widgets Stock Charting Library Priority Support Feature Request Blog & News FAQ Help & Wiki Twitter
Private Messages Chat Ideas Published Followers Following Priority Support Public Profile Profile Settings Account and Billing Sign Out