FX_IDC:XAUUSD   Gold Spot / U.S. Dollar
Approaching a third touch confirmation on the larger bearish flag pattern on the weekly chart, but zooming in on the 4hr and 1hr we see consolidation on the top of the channel in the form of a bullish flag pattern giving confirmation of at least a double confirmation on the third touch before a short signalling a buy opportunity.
On the 1hr chart we can identify and bullish flag pattern and zooming in we can identify a descending pattern giving indication of reversal. We are ready for a false break-out as I have drawn out before a triple bottom touch for confirmation of Long to at least 1530 p/oz before considering any short opportunities.
TP's are set accordingly at areas of sensitivity.
Trade closed: target reached: Target level 1 reached!
Trade closed: target reached
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