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Gold at a crossroad, 200 USD+ move, massive symmetrical triangle

Emas Semerta / Dolar A.S. (FOREXCOM:XAUUSD)  
RTED_Investing  
FOREXCOM:XAUUSD   Emas Semerta / Dolar A.S.
Chart Patterns Triangle Moving Averages Gold XAUUSD Symmetrical Triangle Exponential Moving Average (EMA) bigmove
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chartpattern triangle movingaverage gold xauusd symmetricaltriangle ema bigmove
This is a Daily chart for Gold. On it we can notice that the price has formed a massive symmetrical triangle. As per the deffinition of the pattern, after the price produces a breakout up or down, the potential movement can be equivalent to the distance between the highest and the lowest points in the pattern. This is about 215 USD movement

If the price breaks to the up side, according to the pattern, it can reach levels of about 2250 - 2270. If it breaks down then it can drop close to the 1800 level

Additional confluence:

- On the daily chart, the price has been showing a lot of respect towards the 50 EMA. On the latest drop it hit it and bounced straight up from it. On the 4H chart, the situation is similar with the 200 EMA
Penafian

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