Gold is looking to be gearing up for a breakout through the current 1H range pattern.
If Gold breaks through the range high, we expect price to continue towards the Minor Resistance level (TP 1).
There it may lose some bullish strength and seek to retest the previous range's high before continuing towards the Major Resistance level (TP 2).
If the Current Range Pattern is not broken on this leg up, we expect price to begin heading downwards to test the range's low.
Trading Ideas:
1. Go long on breakout of range pattern (red dotted line)
2. Go short with SL just above high of range pattern (green dotted line)
If Gold breaks through the range high, we expect price to continue towards the Minor Resistance level (TP 1).
There it may lose some bullish strength and seek to retest the previous range's high before continuing towards the Major Resistance level (TP 2).
If the Current Range Pattern is not broken on this leg up, we expect price to begin heading downwards to test the range's low.
Trading Ideas:
1. Go long on breakout of range pattern (red dotted line)
2. Go short with SL just above high of range pattern (green dotted line)
