Gold Flag Breakout Analysis
Gold is at all time high with a good bull rally and now into sideways , creating a flag and pole pattern , with a high probability of continuation.
Also a strong support is formed at 2050-2055 zone and the price has retested this support three times.
A false break down of this support is anticipated for a precise buy entry in the approximate zone of 2145 to 2151, and a stop out at 2138, with the first target at 2182, second target at 2195, third target at 2226 and fourth target at 2239.
In contrary if the Flag pattern fails, we can see price may come down at the previous RBS zone of approximately 2088 to 2105
This analysis is done on 30m time frame.
This analysis is for study purpose only.
Also a strong support is formed at 2050-2055 zone and the price has retested this support three times.
A false break down of this support is anticipated for a precise buy entry in the approximate zone of 2145 to 2151, and a stop out at 2138, with the first target at 2182, second target at 2195, third target at 2226 and fourth target at 2239.
In contrary if the Flag pattern fails, we can see price may come down at the previous RBS zone of approximately 2088 to 2105
This analysis is done on 30m time frame.
This analysis is for study purpose only.
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