Gold (XAUUSD) Consolidating in a Triangle Pattern – Preparing for a Big Breakout
Currently, gold is moving within a triangle consolidation pattern, reflecting the market’s indecision as investors await a series of important economic data from the US this week. This hesitation suggests that a breakout from the triangle pattern could trigger a strong FOMO effect, creating a significant price movement in either direction.
The current price action is similar to a “bull flag” or “pennant” pattern, where a breakout could lead to a clearer and more decisive trend. If the support zone in the pattern fails to hold, the possibility of a sell-off is high.
Trading scenario:
🔻 Activate SELL order:
When price breaks the triangle bottom around 3324
Downside target: 3285, further is the strong support zone at 3250
🔺 Activate BUY order:
When price breaks and holds above the resistance zone 3333
Or: when there is a bearish rejection signal and candle confirmation at the area 3385
Currently, gold is moving within a triangle consolidation pattern, reflecting the market’s indecision as investors await a series of important economic data from the US this week. This hesitation suggests that a breakout from the triangle pattern could trigger a strong FOMO effect, creating a significant price movement in either direction.
The current price action is similar to a “bull flag” or “pennant” pattern, where a breakout could lead to a clearer and more decisive trend. If the support zone in the pattern fails to hold, the possibility of a sell-off is high.
Trading scenario:
🔻 Activate SELL order:
When price breaks the triangle bottom around 3324
Downside target: 3285, further is the strong support zone at 3250
🔺 Activate BUY order:
When price breaks and holds above the resistance zone 3333
Or: when there is a bearish rejection signal and candle confirmation at the area 3385
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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.
JOIN OUR FREE TELEGRAM GROUP t.me/+7rqP7ECMjpUxMzBl
MESSAGE US FOR VIP SIGNALS🏆 t.me/Leilani8597
MESSAGE US FOR VIP SIGNALS🏆 t.me/Leilani8597
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.