XAUUSD - breakout on weekly charts of descending triangle
The story of Gold.
Lets look at weekly charts first on XAUUSD.
3 observations
1. RSI over the last 20 weeks has fallen
2. Price fall is in line with RSI during this time of 20 weeks
3. Price has formed a descending triangle and has just broken out of the descending Triangle
Actionable :
Upward breakout bullish, wait for confirmation ( Next few candles are critical. Price action could confirm the breakout by bouncing off the previous resistance line which may act as support or breach again and enter the pattern
Important support levels (near and far) in case of false breakouts on weekly charts
S1 :1445
S2 : 1396
S3 : 1348
S4 : 1270
Important Resistance level would be 1542 levels as this was the previous high level.
Interesting to see how price behaves from here
If you like what you see, please share a thumbs up!
Cheers
Lets look at weekly charts first on XAUUSD.
3 observations
1. RSI over the last 20 weeks has fallen
2. Price fall is in line with RSI during this time of 20 weeks
3. Price has formed a descending triangle and has just broken out of the descending Triangle
Actionable :
Upward breakout bullish, wait for confirmation ( Next few candles are critical. Price action could confirm the breakout by bouncing off the previous resistance line which may act as support or breach again and enter the pattern
Important support levels (near and far) in case of false breakouts on weekly charts
S1 :1445
S2 : 1396
S3 : 1348
S4 : 1270
Important Resistance level would be 1542 levels as this was the previous high level.
Interesting to see how price behaves from here
If you like what you see, please share a thumbs up!
Cheers
Trade active:
Resistance breached, long on weekly and monthly TF, shorter TF more opportunistic and targets achieved
