GOLD - Price can bounce down from resistance line of triangle

10 Apr

Hi guys, this is my overview for XAUUSD, feel free to check it and write your feedback in comments👊

Some time ago, the price moved inside a rising channel, steadily growing and forming higher highs on the chart.

Then Gold touched the upper boundary, made a reversal, and exited from the channel with a sharp impulse.

After that, the price reached $2970 support level and bounced, forming a triangle pattern with a narrowing range.

Recently, it made a breakout above $3095 zone but quickly faced resistance at the upper line of triangle.

Now, Gold trades inside triangle structure and shows weakness near resistance area without strong breakout.

In my opinion, Gold can decline and reach $3015 support line of triangle during the next corrective wave.

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11 Apr

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Gold exited from triangle and continued to grow, so, I close this trade(