Gold's Symmetrical Triangle: Breakout or Rejection?"
Gold Spot (XAU/USD) is forming a classic symmetrical triangle on the 1-hour chart, a pattern signaling potential breakout opportunities for traders. After weeks of consolidation, the price is testing the upper trendline near $2,700, a critical resistance level.
While the breakout hasn't been confirmed yet, here’s what to watch:
1️⃣ Breakout Above $2,700: A move above this level, backed by increased volume, could push prices toward $2,750 and beyond.
2️⃣ Rejection & Pullback: A failure to break the resistance might lead to a retest of $2,640 or even the lower trendline.
With volume remaining subdued, patience is key. Let the market confirm its direction before entering positions. Keep your stops tight, and don’t forget to manage risk.
What’s your take? Will gold break out, or are we headed for a deeper pullback? Let me know in the comments below!
While the breakout hasn't been confirmed yet, here’s what to watch:
1️⃣ Breakout Above $2,700: A move above this level, backed by increased volume, could push prices toward $2,750 and beyond.
2️⃣ Rejection & Pullback: A failure to break the resistance might lead to a retest of $2,640 or even the lower trendline.
With volume remaining subdued, patience is key. Let the market confirm its direction before entering positions. Keep your stops tight, and don’t forget to manage risk.
What’s your take? Will gold break out, or are we headed for a deeper pullback? Let me know in the comments below!
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