3m 48s: Lenght

Learn about Pennant Chart Patterns and Measured Targets through this Hantec FX video (http://www.hantecfx.com). A London based FSA regulated STP broker offering a premium Forex, CFD's and Bullion MT4 trading platform. Our motto is Trust Through Transparency and we run a true no dealing desk. XAUUSD breaks higher this afternoon and cleanly out of a pennant chart pattern which has seen the price consolidate over the last 2 days. Using the Fibonacci projections tool to project a measure target, we can see that the 61.8% target comes in at $1,596. The breakout level was $1,575 but we have now arrived at key resistance levels being the 38.2% Fibonacci retracement level from the move from $1,616 to $1,539 at $1,587. This $1,590 area is also the top Bollinger Band on the 4 hour chart as well as the 20 day moving average on the daily charts. Finally we had several previous lows at this level turning into new resistance. All in all there could be room to pause here. Support can now be found at the top line of the pennant and previous lows below that at $1,570. This video is for educational purposes and is not live. Forex and CFD's are leveraged products which can result in losses greater than your initial deposit therefore you should only speculate with money that you can afford to lose. Please ensure you fully understand the risks involved, seeking independent advice if necessary prior to entering into such transactions.