Gold/EUR has built a symmetrical triangle on the H4 TF, but this could also be a bullish pennant.
At the moment there is bearish momentum according to the StochRSI on H4 TF which could easily break the yellow trend line of the triangle.
Next support is at €1251 and I would set SL slightly below (2-3%).
If Gold can maintain this price level more bullish momentum will build up on 1D TF and then Gold could break out bullish.
TP1@ €1279.- (slightly below Fib 1.272 extension); TP2@€1295.- (@ Fib 1.618 below violet resistance line).
Bearish short-term scenario is that the sym triangle breaks bearish to the downside to the support level at around @1221.-
Consolidation will follow but bears will win on higher TFs (check 1W candle stick chart)!
Lets see how this will play out...
WARNING:
I´m not a financial advisor. For educational purpose only!
At the moment there is bearish momentum according to the StochRSI on H4 TF which could easily break the yellow trend line of the triangle.
Next support is at €1251 and I would set SL slightly below (2-3%).
If Gold can maintain this price level more bullish momentum will build up on 1D TF and then Gold could break out bullish.
TP1@ €1279.- (slightly below Fib 1.272 extension); TP2@€1295.- (@ Fib 1.618 below violet resistance line).
Bearish short-term scenario is that the sym triangle breaks bearish to the downside to the support level at around @1221.-
Consolidation will follow but bears will win on higher TFs (check 1W candle stick chart)!
Lets see how this will play out...
WARNING:
I´m not a financial advisor. For educational purpose only!
