XAUUSD is still in the correction phase in the form of a symmetrical triangle pattern.
Since we have a sharp downtrend, there is a high probability of a downside breakout on the triangle and a fall to 1750 which is a strong support level.
On the other hand, there is a positive hidden divergence between MACD & price lows in the DAILY chart:
Although price has made a higher low in daily time frame, MACD has made a lower low which means we might see an upside move in the next few days.
Moreover, since the symmetrical triangle patterns can be broken out to the both sides, if the triangle broken out to the upside and closed a candle above 1791, I expect more rise to 1798 and then around 1814-1816. If there was any downside pressure at those levels we might see a drop to 1750, otherwise price can rise to 1845.
What do you think about XAUUSD ?
Feel free to share your ideas in the comments.
Since we have a sharp downtrend, there is a high probability of a downside breakout on the triangle and a fall to 1750 which is a strong support level.
On the other hand, there is a positive hidden divergence between MACD & price lows in the DAILY chart:
Although price has made a higher low in daily time frame, MACD has made a lower low which means we might see an upside move in the next few days.
Moreover, since the symmetrical triangle patterns can be broken out to the both sides, if the triangle broken out to the upside and closed a candle above 1791, I expect more rise to 1798 and then around 1814-1816. If there was any downside pressure at those levels we might see a drop to 1750, otherwise price can rise to 1845.
What do you think about XAUUSD ?
Feel free to share your ideas in the comments.
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