XAUUSD: Short term outlook | Descending Triangle.

Gold respected the 1,536 - 1,540 4H Support Zone which was the symmetrical level from the September 24th Lower High, but the rebound stopped on the Lower High trend line (red dashed line) of the 4H Descending Triangle (RSI = 46.910, MACD = -1.340, ADX = 27.607, Highs/Lows = 0.0000). A break above that line justifies a 1,563.50 test, while a rejection another attempt to keep the 1,536 - 1,540 Support Zone intact.

If Gold breaks the 1,563.50 Resistance breaks, then more buyers should join. TP = 1,578.50 and 1,595 (medium term).




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