Indices and commodities
#GOLD
Long
Active
XAUUSD 4H Channel Down on its Bullish Leg. for TRADENATION:XAUUSD by TradingShot
TradingView
GOLD
Indices and commodities
Active
Current price
4506.34
USD
PNL
-1.42%
4506.34 USD
Stop Loss
4.7%
4356.37 USD
Take Profit
4.7%
4786.07 USD
Rationale
TradingView idea: XAUUSD 4H Channel Down on its Bullish Leg. for TRADENATION:XAUUSD by TradingShot
TradingView symbol: XAUUSD
Gold (XAUUSD) has been trading within a Channel Down on the 4H time-frame for 1 month (since April 20). Technically, with the 4H RSI rising and the price just breaking above the 4H MA50, the pattern has confirmed the start of its new Bullish Leg already.
The strong symmetry so far between the pattern's Legs, suggests that there are high probabilities of repeating the previous rise towards the 0.786 Fibonacci retracement level.
We expect at a minimum, a 4H MA200 (orange trend-line) test, …
Key details
- Ticker
- GOLD
- Asset class
- Indices and commodities
- Direction
- Long
- Status
- Active
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