Gold Bull Flag Holding – Possible Trend Change | Feb 4th

Gold – Bull Flag/Channel Holding
In our most recently weekly market commentary, we talked about the bullish flag/channel pattern suggesting higher prices, with the key support level being around 1238/40. That channel and support has held, currently up over 1000 pips since then so hopefully you profited from the climb.

The longer this continues, the greater the chance it signals a change in the trend. A break above last weeks 1266 highs suggest 1275 would be up next (Jan 26 highs). After this, 1289 and 1309 are on deck with a lot of upside potential short term, and a longer upside target of 1360 which is the Oct swing highs.

gold bullish flag channel price action 2ndskiesforex

Make sure to check out our latest article What Builds Trading Confidence

Want More? My private members get all my trade ideas & market commentary up to 3x per week. Click here to become a member.

Verified Profitable Trader

Hi, I'm Chris Capre, Founder of 2ndSkiesForex. I've turned $3,000 into $83,000 in my first 6 months of trading. I'm a verified profitable trader and trading mentor. I help traders of all levels change the way they think, trade and perform. As a professional trader, I specialize in trading price action and the Ichimoku cloud. As a trading mentor, I have one goal: to change the way you think, trade and perform using 18yrs of trading experience and cutting edge neuroscience to wire your brain for successful trading. Want to improve your trading edge and mindset? Check out my trading courses here.

Related Article