Ascending Channel on XAU/USD @ D1

This ascending channel has formed on the daily chart of the XAU/USD pair (Gold CFD) following a multi-month downtrend and now offers a bearish breakout opportunity. The pattern's borders are marked with the yellow lines. The potential entry level is at the cyan line. The potential take-profit level is at the green line. The position of both lines is calculated based on the channel's width. The stop-loss is to be set to the high of the breakout candle (or to the high of the preceding candle if the breakout one is trading mostly outside the channel) - it isn't shown on this chart.

Trade active:

Short entry triggered today at 14:30 UTC with Entry = 1957.19, SL = 1967.82 and TP = 1919.42.

Trade closed: stop reached:

Stop-loss reached today at 6:15 UTC.