Gold Spot / U.S. DollarUpdated Symmetrical Triangle Consolidation
XAUUSD is seen consolidating in a symmetrical triangle range for some time now. However, this idea elaborates what to expect if the triangle breaks in one of the two directions.
1- Orange lines demonstrate the possible targets if this big consolidation manages to break low empowering bears to take over the yellow metal
2- Green lines mark the possible targets if consolidation breaks high
Note: These targets are purely based on historic data in terms of supports and resistances
Indicators output:
1- RSI is still demonstrating a divergence which is the signal to expect lower targets
2- We are still above the ichimoku cloud , so according to Goichi Hosada, we are still bullish
3- MACD is diverging as well as undergone death cross
Our entry signal, without a doubt, is the wedge breakout!
Best of luck and happy trading :-)
1- Orange lines demonstrate the possible targets if this big consolidation manages to break low empowering bears to take over the yellow metal
2- Green lines mark the possible targets if consolidation breaks high
Note: These targets are purely based on historic data in terms of supports and resistances
Indicators output:
1- RSI is still demonstrating a divergence which is the signal to expect lower targets
2- We are still above the ichimoku cloud , so according to Goichi Hosada, we are still bullish
3- MACD is diverging as well as undergone death cross
Our entry signal, without a doubt, is the wedge breakout!
Best of luck and happy trading :-)
Note
triangle broken high, waiting for a retest of the upper neckline of the pattern to buy :-)Note
upper Target 1 hit at 2030Note
Minor pattern inverted cup and handle spotted, we might retest the broken wedge before going anywhere else
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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.