Petaryot
Long

XAUUSD - Prediction - Bullish overall

FX:XAUUSD   Gold Spot / U.S. Dollar
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


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