akyong
Long

GOLD: Bullish Patterns

FX:XAUUSD   Gold / U.S. Dollar
Here are two potential bullish patterns on GOLD             .

I would love to hear your opinion, feel free to comment, agree or disagree.

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KY
hi AK, thanks for sharing ur chart, Gold is in confused mode, no clear direction on it yet. Look what i see on gold for now.
snapshot
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Reply
akyong GcNaif
Yea, if we look at the daily chart, can see wicks on top and below. To me, there is no clear signals at the moment. I will simply wait till I can see a clearer direction on this pair.
Reply
Hello, i agree with you, the gold is bullish. These patterns are a possibility also. But i see many harmonic traders use them trying to "guess" the future price action. It woul be more usefull to analyse what the price is doing right NOW. Scott Carney always recommended to see the reaction of the price to validate a harmonic pattern.
Reply
akyong FullTimeTrader
Yup agree. The patterns are more of helping to identify potential price levels to keep an eye on should price reach there. It would be best if the pattern confluence with support or resistance areas as well. And certainly, how price reacts on those level is key to whether the pattern is going to be a profitable one, or an invalid one :)
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totally agree with you .
Reply
Hey akyong, good structure based patterns. Thanks for sharing and Good luck!!
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