#GOLD'S BULLISH PATTERN: TIME TO BUY?!
👉GOLD is currently oscillating within an ascending triangle pattern on a daily timeframe.
🔰The most recent bullish move from the triangle's bottom has formed an bullish channel on the 4-hour timeframe.As long as it remains within this bullish channel, any drops will be temporary, and the overall trend will continue upwards.
🔰The channel's key levels, specifically the mid-line and lower boundary, serve as primary support levels to halt any decline and initiate a new bullish movement.
🔰Consequently, on these two dynamic support levels within timeframes shorter than 1 hour, we should look for bottom formation structures.
🎯Subsequent bullish targets:
Target 1: 2475.216-2477.725
Target 2: 2512.650-2514.650
Target 3: 2581.750
❌The stop-loss for our bullish scenario is a breakout below the 2418.150 support level on the 4-hour timeframe.
If this occurs, the GOLD's trend will shift from bullish to bearish.
🔄In such an event, I will update the analysis.
🔰The most recent bullish move from the triangle's bottom has formed an bullish channel on the 4-hour timeframe.As long as it remains within this bullish channel, any drops will be temporary, and the overall trend will continue upwards.
🔰The channel's key levels, specifically the mid-line and lower boundary, serve as primary support levels to halt any decline and initiate a new bullish movement.
🔰Consequently, on these two dynamic support levels within timeframes shorter than 1 hour, we should look for bottom formation structures.
🎯Subsequent bullish targets:
Target 1: 2475.216-2477.725
Target 2: 2512.650-2514.650
Target 3: 2581.750
❌The stop-loss for our bullish scenario is a breakout below the 2418.150 support level on the 4-hour timeframe.
If this occurs, the GOLD's trend will shift from bullish to bearish.
🔄In such an event, I will update the analysis.
Note
🔄#GOLD analysis update - August 16
⏳Based on the 4H time-frame:
🚀#GOLD exactly started its rally from the support level 1 and touched target 1 (2477.725)🎯
✅This analysis (continued growth) remains valid until I provide a new update🔄⏳
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Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.