Gold is waiting to breakout bullish flag
Updated
Gold is waiting to break out the bullish flag.
Yesterday gold bounced back from the Fibonacci 50% retracement zone. It also created a very long tail bullish pin bar, but the market could not break out the bullish flag that the market had already created.
In the H1 chart, gold respects trendline support and trendline resistance. It will break out its bullish flag if gold can break above the $1823 price zone. So, from the present price zone, $1823 is immediate resistance. Breaking above $1823, we may go for long in gold, not before that, and even we can't sell here as long as the market is above the $1800 price zone.
In the last seven days, gold also bounced back from the trendline support and Fibonacci 50% retracement zone identified at $1805 zone and 61.8% retracement zone identified at $1800 price zone. SO, $1805 and $1800 price will act as strong support.
We should look for a searching buy opportunity for Fibonacci 50% and 61.8% retracement area or after breaking above $1823.00 price when the bullish flag will break out.
To the upside, our first is $1828, next target $1833.80, then $1841,70,, and finally, $1851.57 is our last target. On the other side, we can only sell after breaking below the $1800/1795 price zone.
Yesterday gold bounced back from the Fibonacci 50% retracement zone. It also created a very long tail bullish pin bar, but the market could not break out the bullish flag that the market had already created.
In the H1 chart, gold respects trendline support and trendline resistance. It will break out its bullish flag if gold can break above the $1823 price zone. So, from the present price zone, $1823 is immediate resistance. Breaking above $1823, we may go for long in gold, not before that, and even we can't sell here as long as the market is above the $1800 price zone.
In the last seven days, gold also bounced back from the trendline support and Fibonacci 50% retracement zone identified at $1805 zone and 61.8% retracement zone identified at $1800 price zone. SO, $1805 and $1800 price will act as strong support.
We should look for a searching buy opportunity for Fibonacci 50% and 61.8% retracement area or after breaking above $1823.00 price when the bullish flag will break out.
To the upside, our first is $1828, next target $1833.80, then $1841,70,, and finally, $1851.57 is our last target. On the other side, we can only sell after breaking below the $1800/1795 price zone.
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We have updated our gold chart.....
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Gold chart and analysis updated. Check it out....
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