Gold's (XAUUSD) bullish flag breakout! New high? 16.1.2024
A bullish flag pattern is a continuation trend which is built by 3 steps:
1. A flag pole, the size of movement up before the tunnel pattern started.
2. A tunnel pattern going down (flag)
3. Breakout above tunnel, movement up projected the size of the flag pole.
Currently, we are step number 3.
A breakout above the flag roof had been confirmed.
A retest of the flag would be at 2020.
A retest of the flag floor would be at 1990.
The projected movement up target is at ~2160.
This fits perfectly with the lack of political stability globally, as well as inflation concerns.
1. A flag pole, the size of movement up before the tunnel pattern started.
2. A tunnel pattern going down (flag)
3. Breakout above tunnel, movement up projected the size of the flag pole.
Currently, we are step number 3.
A breakout above the flag roof had been confirmed.
A retest of the flag would be at 2020.
A retest of the flag floor would be at 1990.
The projected movement up target is at ~2160.
This fits perfectly with the lack of political stability globally, as well as inflation concerns.
