The pattern in the chart appears to be a *bullish triangle breakout* pattern.
Here's why:
1. The chart shows a *descending trend* followed by a *bullish reversal, indicated by the **Break of Structure (BOS)* and a *higher low* formation.
2. The price action forms a *triangle, with a **bearish triangle trendline* on top and a *bullish triangle trendline* on the bottom.
3. The *breakout zone* is marked, suggesting that the price has broken above the bearish trendline.
4. The *entry point* is placed after the breakout confirmation, aiming for a higher price target around *$2,955*.
5. There is an *order block* near the support level, indicating a potential area where buyers may re-enter if price retests.
This setup suggests a *bullish breakout from a symmetrical or descending triangle*, with a target based on previous swing highs.
What is your opinion about "XAUUSD". Write in comment section.
Here's why:
1. The chart shows a *descending trend* followed by a *bullish reversal, indicated by the **Break of Structure (BOS)* and a *higher low* formation.
2. The price action forms a *triangle, with a **bearish triangle trendline* on top and a *bullish triangle trendline* on the bottom.
3. The *breakout zone* is marked, suggesting that the price has broken above the bearish trendline.
4. The *entry point* is placed after the breakout confirmation, aiming for a higher price target around *$2,955*.
5. There is an *order block* near the support level, indicating a potential area where buyers may re-enter if price retests.
This setup suggests a *bullish breakout from a symmetrical or descending triangle*, with a target based on previous swing highs.
What is your opinion about "XAUUSD". Write in comment section.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.