#GOLD/ BULLISH SETUP WITH DEFINED STOP-LOSS!!
After confirming an bull-trend based on two bullish rectangle and triangle patterns on the daily timeframe, GOLD has yet to reach the targets of these two patterns. Consequently, based on these two patterns, there is still potential for further growth.
Additionally, it is currently trading above its weekly support at $2416.500, which also indicates a bullish bias.
As a result, the current trend for GOLD is bullish, and it could potentially reach the following targets:
Target 1: $2566.55
Target 2: $2606.94
Target 3: $2746.16
If GOLD does drop from this area, it is expected to be temporary, and the 2 support zones of $2477.725 - $2480.617 and $2416.500 - $2431.590 are the best zones for the decline to halt and for growth to resume.
The stop-loss for the bullish scenario is a break below the $2416.500 support on the daily timeframe. In this case, the trend will shift from bullish to bearish, and GOLD will likely continue to decline towards the initial target of $2287.228
.....................................
Based on the 1H time-frame:
#GOLD / 1-Hour Timeframe
If GOLD wants to have a temporary drop before continuing its growth towards the mentioned targets, this could be a scenario of a temporary decline:
A decline from these areas towards the bullish trend-line (the lower blue diagonal line). The point of contact with this line is the decision point!!
Scenario 1: It can find support from this trend-line and grow.
This growth could be temporary for the formation of a wedge and a subsequent decline to the support levels.
Or it could continue until the main analysis targets.
Scenario 2: The trend-line is broken, which will cause the decline to continue to the support areas.
Additionally, it is currently trading above its weekly support at $2416.500, which also indicates a bullish bias.
As a result, the current trend for GOLD is bullish, and it could potentially reach the following targets:
Target 1: $2566.55
Target 2: $2606.94
Target 3: $2746.16
If GOLD does drop from this area, it is expected to be temporary, and the 2 support zones of $2477.725 - $2480.617 and $2416.500 - $2431.590 are the best zones for the decline to halt and for growth to resume.
The stop-loss for the bullish scenario is a break below the $2416.500 support on the daily timeframe. In this case, the trend will shift from bullish to bearish, and GOLD will likely continue to decline towards the initial target of $2287.228
.....................................
Based on the 1H time-frame:
#GOLD / 1-Hour Timeframe
If GOLD wants to have a temporary drop before continuing its growth towards the mentioned targets, this could be a scenario of a temporary decline:
A decline from these areas towards the bullish trend-line (the lower blue diagonal line). The point of contact with this line is the decision point!!
Scenario 1: It can find support from this trend-line and grow.
This growth could be temporary for the formation of a wedge and a subsequent decline to the support levels.
Or it could continue until the main analysis targets.
Scenario 2: The trend-line is broken, which will cause the decline to continue to the support areas.
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