GOLD → What is the problem with a SYMMETRICAL TRIANGLE ► ?

8 août

XAUUSD is still trading inside the flat 2420 - 2370 forming a symmetrical triangle. Traders continue to struggle for the area of 2400. News ahead...

I understand that you don't like it when there is no clear direction on the chart, but there are nuances here and in some cases you need to have both bullish and bearish scenarios. Let's break it down...

On D1 there is a rather encouraging situation indicating how the bulls continue to hold the support of the global trend.
The issue of aggressive easing of the US Fed policy is still relevant. Likewise, speculators are closely watching developments around Iran's attack on Israel. If it happens, it is likely to give additional impetus to the growth of gold prices. Meanwhile, Initial Jobless Claims of the USA may provide short-term potential for the markets.
Technically, gold is forming a symmetrical triangle on H1. The bearish pressure is still present in the market. Gold is not technical now, but depends on fundamental nuances.

Resistance levels: 2400
Support levels: 2380

The problem with a symmetrical triangle is that no one knows where the price will go until the actual exit. Globally we have a bull market, locally there is pressure from the bears. There is a high probability of a breakout of the symmetrical triangle support and a decline to 2364-2351, but if the economic factor has a bullish effect on the market, gold may continue to test 2400 with the goal of a breakout and a rise to 2420.

Rate, share your opinion and questions, let's discuss what's going on with ★GOLD ;)

Regards R. Linda!

8 août

Note

The problem with the triangle and the current situation is that the market is neutral, as the price is in consolidation.
Prerequisites for growth:
- Bullish market retention on the senior timeframe
- strong reaction to the key support zone
- strong buyers have not left the market yet and continue to buy back the asset
- Fundamentally, gold has strong support (hedge asset)
- Strong market reaction to a false break of local support
- buyers do not let the price go below 2380
- retests of 2400 continue
- volumes
- large pool of liquidity, interesting for MM, above 2420.
-Fundamental nuances due to the Middle East

Prerequisites for the fall:
- pressure on the market from small bears (upper boundary of the triangle
- pressure on support at 2380. If pressure continues, the zone could be broken
- volumes
- local downtrend and large pool of liquidity below 2350.
- Fundamental nuances due to the U.S.
- buyers can't overcome the local highs.....

And so on. There are no clear technical prerequisites for a strong zone from which a strong move can start, as the price is in consolidation....

8 août

Transaction en cours

Price breaks resistance and tests a key level.
If the market is able to consolidate above 2420, a new range will open up next

9 août

Transaction en cours