GOLD ANALYSISA Breakout FLAG & POLE Pattern is visible on the chart of GOLD FUTURES on 1 DAY Time Frame.
Flag & Pole chart pattern is bullish pattern formation that signals an uptrend in the price on the chart.
Profit Targets in Flag & Pole pattern are typically targeted using the distance of 1st Flag & also called as price objective. The Flag is the consolidation phase or some correction in the stock price. The price may continue the following pattern by breaking the resistance and moving upwards towards its target. The Target's above are calculated by replicating the 1st Pole to the point where the price started to move towards upward direction either from consolidation or correction making it the 2nd Pole & also called as the price objective for upcoming target.
Seeing the Technical Aspect this pattern indicates an increase in the GOLD price by 4%. Also, the price of GOLD is above its ALL-TIME HIGH price and is sustaining at good level. The price may or may not move as mentioned above but the chart shows these indications.
Important Levels to Watch as Support & Resistance
Support Level 1 - 59450 to 59400
Support Level 2 - 58840 to 58800
Support Level 3 - 56400 to 56350
As mentioned above the price of GOLD is above its ALL – TIME HIGH we cannot find any resistance until the price starts to correct or consolidate at any level above its ALL – TIME HIGH.
#TrendAnalysis #ChartPatterns #GOLDTREND