Home Stocks Chart Art: Range and Breakout Plays on GBP/CAD and XAU/USD

Chart Art: Range and Breakout Plays on GBP/CAD and XAU/USD


Are you looking for short-term setups?

I gotchu!

Check out XAU/USD’s range support and GBP/CAD’s breakout play:

XAU/USD 1-hour Chart

XAU/USD 1-hour Chart

Spot gold prices have been trading inside a range after falling from its highs near $2,000.

What makes the chart interesting today is that price looks ready to bounce from the $1,855 range support on the 1-hour time frame.

Stochastic has juuust left oversold territory so there may still be room for some upside action.

Bulls who believe that May’s lows held as support can still buy at current levels and target the mid-range zone near the SMAs or even the range resistance near $1,900.

Good luck and good trading this one!

GBP/CAD 1-hour Forex Chart

GBP/CAD 1-hour Forex Chart

Breakout alert!

GBP/CAD is trading above the 100 and 200 SMAs on the 1-hour chart, yo. That hasn’t happened since the 100 SMA crossed below the 200 SMA in late April!

The pair has also broken a trend line resistance and is now trading closer to the 1.6100 levels.

Breakout playas can take advantage of the breakout and aim for previous areas of interest like 1.6100.

Feel like waiting for a better entry price?

You can also wait for a pullback to the broken trend line resistance near the 200 SMA if you’re confident that GBP/CAD will soon trend higher anyway.

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