As you can see in the chart, gold has printed a triple bottom pattern that usually signals the end of a downtrend.
It broke out from the resistance area and closed a few days over it, that means that the pattern is confirmed.
Now I expect a pullback till the previous resistance area(1730$) to be produced, It is a classic retest of the breakout point that could be a great long opportunity.
I will consider to enter a long at 1730$ with an stop loss order at 1683$ and if it goes well I will keep locking profit during the uptrend with main target the previous long term high 2070$.
I would be glad to see what do you think in the comments.
It broke out from the resistance area and closed a few days over it, that means that the pattern is confirmed.
Now I expect a pullback till the previous resistance area(1730$) to be produced, It is a classic retest of the breakout point that could be a great long opportunity.
I will consider to enter a long at 1730$ with an stop loss order at 1683$ and if it goes well I will keep locking profit during the uptrend with main target the previous long term high 2070$.
I would be glad to see what do you think in the comments.