GOLD → Symmetrical triangle on a falling trend

27 giu 2023

XAUUSD continues to form a sideways range of 1938 - 1912. But if you look closely, we see a symmetrical triangle on the downtrend. What can happen to the price?

The triangle can affect price both bearishly and bullishly. If sellers hold resistance, price will move to the lower boundary of the pattern - the chance of further declines will increase. But if the price breaks the resistance of the triangle, it will go to 1938, the chance that the price will break 1938 is not high enough.
We have a strong bearish trend and resistance levels play a key role.
In the medium term I expect price to fall to 1912-1900.



Resistance levels: upper limit of triangle, 1933, SMA200, 1938
Support levels: 1928, 1922, lower boundary of the triangle
I expect a resistance retest, but since the bears are quite strong at the moment and the fundamentals are not so good, I expect a fall to 1912 - 1900

Regards R. Linda!

28 giu 2023

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