LegionQ8

After Gold exits from triangle, it can make an upward impulse

Long
FOREXCOM:XAUUSD   Gold Spot / U.S. Dollar
Hello traders, I want share with you my opinion about Gold. Looking at the chart, we can see how the price some time ago exited from the buyer zone, broke the 1945 support level, and continued to rise. But soon, XAU turned around and started to decline to the buyer zone back. In a short time price fell to the support line, which is located in this zone, and at once made a strong upward impulse to the 2040 resistance level, which coincided with the seller zone. Next, the price broke this level and made one more time impulse up to 2145 points, but at once in a short time back up. And soon, the price made correction below the resistance level, after which Gold turned around and rose to the resistance line. But then, Gold in a short time fell to the support line, breaking the 2040 resistance level again. After this movement, the price bounced from this line and started to rise. Also, the price formed an upward triangle pattern, where it continues to trades near the resistance line just now. So, I think Gold can exit from the triangle, and also soon break the resistance level. After this, possible that XAU will make retest and continue to rise. For this case, I set my target at the 2080 level. Please share this idea with your friends and click Boost 🚀

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