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XAUUSD Gold Shorter Term Technical Overview And Trade Opportunity

XAUUSD Gold Shorter Term Technical Overview And Trade Opportunity

Gold is under bearish pressure and midterm pressure will remain below 1254 USD.

However, when we look at the smaller chart timeframes, we see a bullish/bearish breakout opportunity which offers us a 100 pips intraday profit.

As seen on the chart, Gold broke the shorter term triangle at 1200 and tested 1195. Here we see a wedge pattern. The direction of the breakout will determine the shorter term price action.

We can not give you certain breakout levels, but by looking at the MM lines we can predict the possible breakout levels.

Break Below 1195 is the short opportunity, target of the formation is 1187 and 1179. Stop Loss above 1202.

Break Above 1205 is the long opportunity, targets are 1210 and 1218. Stop Loss Below 1195.

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DISCLAIMER: This is a technical analysis study, not an advice or recommendation to invest money

 

 

GOLD: Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these securities. You should do your own thorough research before making any investment decisions. Chartreaderpro does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Forex involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility

 

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