GOLD(DAILY): UPTREND CONTINUATION
Overview:
Price has broken through the flag pattern formation to the upside indicating an uptrend continuation.
The channel EFGH (upward range in green) emphasizes a channel continuation to the upside as well.
Note that price was unable to break the hidden range ABCD the last time it was there (15th May 2018). Now it is back into this range 9 months after with a potential to break it to the upside.
Signal/Entry confirmation:
We wait for a significant break through the major resistance @ 1320.00 for precise entry to join the rally up.
Speculation:
Using Fib Ext at QRS a maximum TP projection falls on 1365 (Fib Ext 1.272).
Potential TP @ 1365.00 (440pips) and SL @ 1303.00 (190pips)
Price has broken through the flag pattern formation to the upside indicating an uptrend continuation.
The channel EFGH (upward range in green) emphasizes a channel continuation to the upside as well.
Note that price was unable to break the hidden range ABCD the last time it was there (15th May 2018). Now it is back into this range 9 months after with a potential to break it to the upside.
Signal/Entry confirmation:
We wait for a significant break through the major resistance @ 1320.00 for precise entry to join the rally up.
Speculation:
Using Fib Ext at QRS a maximum TP projection falls on 1365 (Fib Ext 1.272).
Potential TP @ 1365.00 (440pips) and SL @ 1303.00 (190pips)
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