Analysis —
XAUUSD | H4 | BULLISH
Target @ 1311.50
This is the 100.00% Fibonacci.
This analysis has been established through our trend-based Fibonacci.
In addition to this is a classic example of a bullish pennant — a pattern every trader must memorise in Forex nursery school.
The price has been in consolidation amongst the 50.0% Fibonacci;
This key level has not necessarily shown much reaction yet has still proven to be a key zone.
In order to fulfil our target we must close above the resisting trend-line of our pennant,
We may expect a stop hunt re-testing the resistance turned support after a clear move has been made.
If a rejection occurs the price shall retest the support of the pennant.
Thank you.
XAUUSD | H4 | BULLISH
Target @ 1311.50
This is the 100.00% Fibonacci.
This analysis has been established through our trend-based Fibonacci.
In addition to this is a classic example of a bullish pennant — a pattern every trader must memorise in Forex nursery school.
The price has been in consolidation amongst the 50.0% Fibonacci;
This key level has not necessarily shown much reaction yet has still proven to be a key zone.
In order to fulfil our target we must close above the resisting trend-line of our pennant,
We may expect a stop hunt re-testing the resistance turned support after a clear move has been made.
If a rejection occurs the price shall retest the support of the pennant.
Thank you.
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