Ranging market. Wich way will gold breakout?

Gold is currently ranging between 2030 and 2050 level. In H4 timeframe we can see a upward channel wich keeps getting respected by the gold market. A bearish flagpattern is also posible. Especially in higher time frame patterns can give a big move. So expecting gold to Fall deep in upcoming days.

Second is the big resistance level laying around 2048-2052. Wich can prevent gold from climbing any higher. But if this zone breaks. We need to find long positions with targets 2070 and 2100.

Resistance: 2048, 2070, 2100
SUpport: 2030, 2017, 2006, 1992

註釋

In my previous analysis i mentionend the bearish outlook for gold. There is a other side to this story. I noticed in higher timeframe the bullish pennant pattern. With posible bullish breakout. Preferable we need to wait for confirmed breakout off 2050 resistance level then we can add buys with targets 2070 and 2100 in extension

If there is any confirmation for sell we can keep seling below 2050 level with targets 2035, 2018

註釋

Gold broke the bullish pennant neckline and also retested it. So we can expect a bullish move but 2051-2053 resistance needs to get broken first.

註釋

COngrats to those who followed my advice. Gold retested the neckline and broke tru the resistance level 2050. and gave a good push to the upside.

註釋

Weekly overview.

註釋

Gold is giving us profits at the end off the week. Great analysis. COngrats guys.

CUrrently gold is testing 1 off the previous ATH 2070! Wich is currently sitting in H4 Supply zone. If this zone breaks 2080 is next target and then 2100.

Make sure to secure partial and hold some for potential bigger profits. ALways secure the trade with SL moved at entree