Good morning team,
Gold has broken out of a bull flag structure during a bullish trend over the past week, we are expecting a continuation to the upside whilst the DXY is heading lower. The majority of commodities are pushing to the upside this morning playing into the bullish bias here on gold.
GOLD – 4 Hour Chart
The 1830 resistance will be our initial target zone for our long trade due to the previous rejections.
GOLD 1 Hour Chart
Bull flag breakout along side an inverted head and shoulders formation.
Trade Setup: BUY market execution, current price 1801, stop loss 1783 and take profit 1830.
Stop loss: 180 pips
Take profit: 290 pips