- January 11, 2022
- Posted by: Tradingshot Articles
- Category: Commodities
As you see Gold spot prices (XAUUSD) broke below their dominant Channel Up pattern of December but this didn’t turn out to be a bearish signal as the very same bullish (break-out) flag was formed in October’s Channel Up. The Bull Flag (black channel) eventually recovered the 4H MA50 (blue trend-line) and broke upwards, above the 1834 Symmetrical Resistance and made a 1877.50 top.
Right now Gold is above the 4H MA50, attempting that important break-out test. We expect 1875 at least within January. A 3.0 Fibonacci extension can be used as target later after 1D closes a candle above the Resistance.