The chart shows a symmetrical triangle pattern forming on XAU/USD (gold). The price is consolidating between an upward trendline (support) and a downward trendline (resistance). Key zones of interest are marked:
Upside breakout scenario: If the price breaks above the resistance, it may target the upper liquidity zone around $2,770.
Downside breakout scenario: If the price breaks below the support, it could drop toward the lower liquidity zone around $2,550.
This setup suggests a period of indecision, with a potential for a significant move in either direction, depending on the breakout.
Upside breakout scenario: If the price breaks above the resistance, it may target the upper liquidity zone around $2,770.
Downside breakout scenario: If the price breaks below the support, it could drop toward the lower liquidity zone around $2,550.
This setup suggests a period of indecision, with a potential for a significant move in either direction, depending on the breakout.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.