gold : potential bullish flag formation

18 Haz 2024

Gold (XAUUSD) - Potential Bullish Flag Formation




Gold has recently shown signs of forming a bullish flag pattern on the 30-minute chart. This pattern, often seen as a continuation pattern, suggests that the recent uptrend may resume following a period of consolidation.



The upper boundary of the flag pattern is around 2,340 USD. A break above this level could signal the continuation of the uptrend. An increase in volume upon breaking the upper boundary of the flag would provide additional confirmation of the bullish breakout.

Forecast

- If Gold breaks above the upper boundary of the flag pattern (around 2,340 USD), it is likely to resume its upward trend.
- The first target would be around 2,349 USD, which is a nearby resistance level and also aligns with the measured move technique (projecting the height of the flagpole added to the breakout point).
- The final target would be around 2,480-2,500 USD, the previous high and a key resistance level.


- Risk Management:
- Place a stop loss below the lower boundary of the flag pattern (around 2,300 USD) to manage downside risk.
- This setup provides a favorable risk-to-reward ratio, as the potential upside significantly outweighs the downside risk.

20 Haz 2024

Not

first target reached, don't forget to take partials .