Gold Bullish Scenario Pennant Breakout

Gold has reclaimed its contracting price action and will likely breakout to the upside
with a target of 2201. Stops would be below the middle of the pennant pattern. 1775 or so.
Losing the middle price action could take this in the opposite direction therefore we must
manage risk and stay vigilant until price action has broken out of the pennant pattern and successfully
retested, where it would be a buying opportunity to add to the positions.

Comentário:

That should read "reclaimed the middle of its contracting price action"
This is likely going to breakout as it has touched the upper line (blue) several times.

Comentário:

Possibly retesting the upper trendline (blue). If the hypothesis is right then it should bounce at said line thereabouts. Losing the middle of the pennant pattern puts this hypothesis in to question.