XAUUSD Triangle Pattern
As you see in the 4H chart, price has made a symmetrical triangle pattern and is moving inside the pattern right now.
Since the symmetrical triangles can be broken out to both directions, we should wait for the price to see to which direction it will break the pattern.
After the triangle’s breakout, wait for the breakout and candle closure on the last major high or low to be more confident about the validation of the breakout.
If price breaks the triangle to the upside, wait for the red resistance level at 1945 to broken, then we can expect a rise to 1974.
On the other side, if price breaks the triangle to the downside, wait for the yellow support zone around 1918 to be broken too, then we can expect a drop on XAUUSD.
Personally, I’m on the bearish side for XAUUSD.
Since the symmetrical triangles can be broken out to both directions, we should wait for the price to see to which direction it will break the pattern.
After the triangle’s breakout, wait for the breakout and candle closure on the last major high or low to be more confident about the validation of the breakout.
If price breaks the triangle to the upside, wait for the red resistance level at 1945 to broken, then we can expect a rise to 1974.
On the other side, if price breaks the triangle to the downside, wait for the yellow support zone around 1918 to be broken too, then we can expect a drop on XAUUSD.
Personally, I’m on the bearish side for XAUUSD.
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