Inverse H&S + Triangle = Gold’s Perfect Setup for a Breakout

5月19日

As I expected in my previous idea, Gold(XAUUSD) started to rise after a correction and made another attack on the Resistance zone($3,280-$3,245).

Gold is currently moving near the Resistance zone($3,280-$3,245) and Yearly Resistance (2).

If we look at the Gold chart from a Classic Technical Analysis perspective, two Classic Patterns are clearly visible.

1- Inverse Head and Shoulders pattern, which is a good sign for a Resistance zone($3,280-$3,245) breakout.

2- Symmetrical Triangle Pattern is also a sign of a continuation of the recent bullish trend

In terms of Elliott Wave theory, Gold seems to have completed the corrective waves, and we can expect the start of an impulsive wave. Breaking the Resistance zone($3,280-$3,245) can be a good sign for the start of an impulsive wave and a gold pump.

I expect Gold to trend higher in this week, and the first sign could be a break of the Resistance zone($3,280-$3,245). The targets are clear on the chart.

Note: If Gold touches $3,179[Worst Stop Loss(SL)], we should expect a drop.

Gold Analyze ( XAUUSD ), 1-hour time frame.

Be sure to follow the updated ideas.

Do not forget to put a Stop loss for your positions (For every position you want to open).

Please follow your strategy; this is just my idea, and I will gladly see your ideas in this post.

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5月20日

交易進行

Trade was activated = $3,214

5月21日

交易結束：目標達成

First Target Done