XAUUSD Analysis: Potential Breakout from Double Bottom Pattern a
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As clearly shown on the chart, XAUUSD has respected the neckline of the double top pattern, without a daily close below this level. A double bottom has now formed on the daily timeframe. A daily close above the neckline at 2350 strongly indicates a potential move to the target of 2373. This also aligns with the first target of 2361 for the harmonic pattern identified on the hourly timeframe, as mentioned in the previous analysis.
It’s crucial to note that there hasn't been any daily close above or below last week's candle range (low of 2320.6 and high of 2364), which has been containing the price in a sideways trend. Exercise caution when approaching these levels, as there might be false breakouts or breakdowns followed by reversals. To mitigate risk, it's advisable to enter after a retest of the previous week's levels.
Key levels of interest have been marked on the chart. These levels are derived from my personal strategy, which has proven effective based on my trading experience.
Disclaimer: This is my personal view on XAUUSD and not a recommendation to buy or sell.
It’s crucial to note that there hasn't been any daily close above or below last week's candle range (low of 2320.6 and high of 2364), which has been containing the price in a sideways trend. Exercise caution when approaching these levels, as there might be false breakouts or breakdowns followed by reversals. To mitigate risk, it's advisable to enter after a retest of the previous week's levels.
Key levels of interest have been marked on the chart. These levels are derived from my personal strategy, which has proven effective based on my trading experience.
Disclaimer: This is my personal view on XAUUSD and not a recommendation to buy or sell.
註釋
double bottom target reached
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