XAUUSD Descending Triangle
Looking at XAUUSD on the Daily, following the previous down move from the May 3 high, price has formed a descending triangle at an established horizontal support level. It has broken to the downside and old triangle support (along with horizontal support) has become new resistance. A bearish engulfing pattern confirmed a short entry and on Friday I was able to open a position on a move back up to new resistance. I'm looking to reach the 1880ish area, which would be the triangle's measured target.
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.