GOLD: Signs of a Bullish Breakout in Gold are Becoming Increasingly Clear
Technical Chart Patterns:$Gold - main 2608(GCmain)$$XAU/USD(XAUUSD.FOREX)$
Signs of a bullish breakout in gold are becoming increasingly clear. The candlestick chart shows a distinct V-shaped reversal combined with a stair-step rally accompanied by increasing volume!
Following a surge triggered by positive economic data, the gold price instantly rose above the key psychological level of $4,100 and is currently testing the $4,200 level.
Indicator Status: On the H1 timeframe, the Bollinger Bands are widening dramatically in an upward trend. The candlesticks are trading right along the upper band. The MACD is rapidly diverging above the zero line, with the red momentum bars consolidating at high levels after reaching their peak. This indicates extremely high short-term bullish sentiment in the market; any aggressive short positions risk being forced out by the strong upward momentum! The key support level is currently at the former resistance-turned-support zone (yesterday’s New York session high) of $4,140–4,150!
Continue to focus on Buy trades!
Strategy: Buy: 4,158–62 TP: 4,195–4,200 SL: 4,142
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