Gold XAUUSD Head and Shoulder& Bullish Expending Triangle

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Gold Market Breakout

Gold has broken out above the key resistance level of $2374, suggesting a potential continuation of the uptrend. This breakout is accompanied by a complex technical pattern, consisting of an inverse head and shoulders pattern and a bullish expanding triangle.

Inverse Head and Shoulders Pattern:

Left shoulder: Formed around $2366, with a trough at $2382
Head: Formed around $2353 with a trough at $2363
Right shoulder: Formed around $2365, with a trough at $2374
Neckline: Connecting the highs of $2377 and $2374

Bullish Expanding Triangle:
Expanding boundaries: The distance between the highs and lows is increasing, indicating a potential breakout

Breakout:
Gold has broken out above the $2374 resistance level, suggesting a potential continuation of the uptrend.
The breakout is accompanied by increased volume and momentum, confirming the strength of the move.

Interpretation:

The combination of the inverse head and shoulders pattern and the bullish expanding triangle suggests a high likelihood of a continued uptrend. The breakout above $2374 resistance adds further confirmation to this outlook.

Trading Strategy:

Buy signal: The breakout above $2374 confirms the buy signal.
Stop-loss: Set a stop-loss below the neckline, around $2355.
Target: Set a target based on the height of the inverse head and shoulders pattern, projected from the breakout point, potentially targeting $2400 or higher.

Risk Management:

Set a stop-loss to limit potential losses if the breakout fails.
Adjust position size based on market volatility and risk tolerance.
Consider scaling out of the position as the target approaches to lock in profits.

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أغلقت الصفقة: تم الوصول للهدف

Target achieved close all positions