RoyceCheng
Long

GOLD forming potential bullish bat pattern

FX:XAUUSD   Gold Spot / U.S. Dollar
GOLD             forming potential bullish bat pattern
Look out for buy signal around the D point
(structure area or fibo 0.886)

SL : Below X point
TP1 : 1218.60
TP2 : 1222
Trade closed: stop reached
Comment:
Another potential bat for bigger time frame
Nice identification of a bullish bat pattern on XAUUSD and there may be bullish bias as you have identified. For our set up, we have identified the key resistance and support levels. The support we have identified is at 1220, which is just above your TP1. It is a horizontal overlap support with 100% Fibonacci extension, 61.8% Fibonacci retracement. Stochastic is approaching its support at 5% where a corresponding bounce could occur. If a bounce does occur, we may want to look at the 1226 resistance level, which is above your TP2. It is a horizontal overlap resistance with 38.2% Fibonacci retracement. Looking forward to seeing how things develop.

Please have a look at our idea and share with us what you think.


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