The April 29 Gold Triangle Breakout Update
Fri, Apr 29, 2:41 PM ET, by Corey Rosenbloom
If you’re just watching stocks, you may be missing this powerful Triangle Breakout surge in Gold.
Check out the pattern play and the breakout to our key target in Gold right now:
I color-coded the price-only chart above to highlight the Pattern, Trendlines, and the current Breakout Surge.
As I’ve highlighted especially to members, a Symmetrical Triangle and Range Pattern developed in Gold.
The boundaries are the blue trendlines that recently intersected the $1,260 and $1,240 levels.
Yesterday began a bullish impulse off the range lows and resulted in a bullish breakout beyond the $1,260 level.
Today simply continued the breakout with a range expansion play straight into our $1,300 upside target.
Here’s the full pattern playing out on the Hourly Chart with clarity:
Lower frame charts clarify price patterns we see on the higher frames.
A “Midpoint Magnet” Level traded near $1,250 and we can see the recent support bounce and breakout/breakthrough.
Buyers rushed into Gold as short-sellers rushed out with stop-losses triggered at higher levels beyond $1,260.
That logic – both sides of the market doing the same thing (buying) – is what fuels breakout trades like these.
Our initial target was achieved into the $1,300 per ounce area.
Monitor the movement away from $1,300 now and the future buy signal that may develop above $1,300.
Follow along with members of the Afraid to Trade Premium Membership for real-time updates and additional trade planning.
Corey Rosenbloom, CMT
Afraid to Trade.com
Follow Corey on Twitter: http://twitter.com/afraidtotrade
Corey's book The Complete Trading Course (Wiley Finance) is now available along with the newly released Profiting from the Life Cycle of a Stock Trend presentation (also from Wiley).
SDI Glossary: "Breakout" Definition
SDI Glossary: "price" Definition
SDI Glossary: "Finance" Definition
SDI Glossary: "Stock" Definition
SDI Glossary: "Trend" Definition
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